The World Trading System

 
The conclusion of the Uruguay Round of multilateral trade negotiations resulted in the creation of the World Trade Organisation (WTO), which came into existence in 1995. As a result of this development the world trading system has become more complex and a thorough understanding of how it works is vital for those interested in international commercial law; it may also be useful for those specialising in law and development or international law.

This module aims to provide a thorough understanding of the basic rules in the world trading system and to consider them in their economic and political context. It begins with a review of the theoretical and political bases of trade liberalisation and the institutional background to the GATT/WTO before moving on to an analysis of the WTO trade regime, with its detailed rules on goods, services, intellectual property protection and dispute settlement.

The emphasis is focused on becoming acquainted with basic WTO principles on market access, non-discrimination and the prohibition on quantitative restrictions as well as learning about permitted exceptions to basic principles for various policy reasons. It also addresses the use by governments of non-tariff barriers like technical standards and sanitary and phytosanitary measures as well as rules that discipline unfair trade practices like subsidies, antidumping and safeguards.

This module will also enhance understanding of the way in which regional and preferential trade agreements operate both independently of and in conjunction with the WTO. Many such trade agreements are based on similar principles to the WTO regime and encounter comparable issues and problems.