Multilateral trade agreements
Multilateral trade agreements: intergovernmental agreements aimed at expanding and liberalizing international trade under non-discriminatory, predictable and transparent conditions set out in an array of rights and obligations. The motivation for taking on these obligations is that all members will increase their welfare by adhering to a common standard of conduct in the management of their trade relations. Typically, such agreements have numerous members representing small, medium-sized and large trading nations. Membership of this kind of agreement is open-ended, but countries wishing to accede usually have to demonstrate that their trade regimes are in keeping with the aims of the agreement, and that the access conditions to their markets roughly match those of existing members. If necessary, they must make adjustments. Before the GATT, entered into force in 1948, trade agreements were mostly bilateral, or they were preferential, such as the imperial preferences arrangement. In the WTO, the term "Multilateral Trade Agreement" refers to the arrangements and associated legal instruments contained in Annexes 1, 2 and 3 to the Marrakesh Agreement Establishing the World Trade Organization. See also accession, bilateral trade agreements, plurilateral trade agreements and prisoner's dilemma. Multilateral trade negotiations: MTN. Also known as rounds. They aim to strengthen the rules that ensure orderly and fair conduct of international trade and to reach mutually beneficial agreements reducing barriers to world trade. Eight rounds have been held under GATT auspices since 1947. Each round has consisted of long bargaining sessions. The eight completed rounds and the names by which they are commonly known were: Geneva (1947), Annecy (1949), Torquay (1950), Geneva (1955-56), Dillon (1960-61),
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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