World Trade Organization (WTO)

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  • The organization that replaced the General Agreement on Tariffs and Trade (GATT) on January 1, 1995, the day on which the Uruguay Round came into effect. GATT was created in 1947, after World War II, to deal with problems associated with trade restrictions and poor economic performance, but it expired in 1994. The primary motives behind the creation of GATT, the promotion of less restricted trade and equity in trading relations, are inherent in the World Trade Organization (WTO), but unlike GATT, the WTO is structured to minimize procedural and enforcement problems associated with trade disputes.

    Apart from procedural issues, changing social and economic conditions necessitated the resolution of urgent trade disagreements. Acquired immune defici ency syndrome (AIDS) and the desperate need for pharmaceutical drugs made ...

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