Insights › International Trade - Trade Rounds and the World Trade Organization
International trade usually hits the headlines only when a major disagreement degenerates into a “trade war”. Most of the time, trade is carried out peacefully under a set of rules overseen by the World Trade Organization. “Multilateralism” is the basis of the WTO system – that is, the more partners there are to an agreement, the better. But getting 150 or more countries to agree is a long process, carried out over a number of years in the various rounds of trade talks.
© WTO/Jay Louvion and Annette Walls
Chapter 5 looks at the different rounds of negotiation that have helped shape world trade and the major agreements that resulted from these rounds. It also describes the role of the WTO, the international body responsible for trade questions.
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