Treaty
Treaty: usually defined as a binding agreement entered into between two or more states (countries) under international law. Other names for a treaty are convention, covenant, protocol and exchange of letters. Treaties are legal instruments under which the parties establish mutual rights and obligations. Through acceding to a treaty, the parties undertake to become obliged to behave in accordance with it, and to face the possibility of sanction if they do not. Treaties usually have to be ratified, sometimes through a constitutionally defined process, before they enter into effect. See also Vienna Convention on the Law of Treaties.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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