GEOG 216 Chapter : Reading 16- The World Trade Organization.pdf

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Reading 16: the world trade organization 12/5/12 1:25 am. International trade has grown faster than world economic output in every decade since 1950 and flows of foreign direct investment have grown faster than international trade since the mid 1980s. Wto: formed in 1995, origins date back to 1948, gatt, 142 member countries most recent taiwan and china, budget in excess of 80 million usd, headquartered in geneva. Un founding members envisioned an organization that would regulate world trade and international investment towards economic recovery and international financial stability. Serves to limit the restrictive and protectionist polices brought about by the. Great depression: 23 of the richest countries did not approve of the charter, withdrew and formed gatt. Gatt: contract between countries, not an organization, designed to encourage free trade and prevent trade wars. National treatment": must treat participants in their economies the same as domestic firms.

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