United States And International Trade Agreements

This paper will discuss four components of the North American Free Trade Agreement: Background, events, pros and cons. Upon the research, you will discover four online articles to provide more detail and examples. This research will indicate how it was developed and the reasoning on why it would benefit the nation. Also, it will provide events that occur after the agreement was signed by congress and the recession the countries experience during the early 2000s. There will be a chart located on Appendix A that will indicate the unemployment rates during 2008 to 2015. This paper gives readers the proper knowledge of the history throughout the North American Free Trade. It acknowledges the improvements that should be made in the future for a structure approach.

Figure 2.1 lists the major international trade pacts. The World Trade Organization (WTO) is a supranational organization that oversees the General Agreement on Tariffs and Trade (GATT). Important regional trade pacts include the North American Free Trade Agreement (NAFTA includes the U.S., Canada, and Mexico), the European Union (EU), and the Asia-Pacific Economic Cooperation pact (APEC

The GATT’s main function was not to resolve trade disputes, which is different from WTO, but rather to provide a set of rules that countries could at least publicly declared that they follow, therefore giving all signatories to the agreement

The United States and the rest of world are involved in huge discussions over new trade arrangements. These deals used to be titled "free-trade agreements" and were in fact organized trade agreements, tailor-made for special interests, mostly in the United States and the European Union. Currently Congress is working on fast-track legislation. The

The postwar era brought about a more multinational approach to dealing with trade issues, most notably in the establishment of the General Agreement on Tariffs and Trade (GATT) in 1948. Although there were high hopes that international labor standards could be established, the GATT made only vague references to the issue, and no concrete and enforceable standards were established. Thus, there was no provision for member states to take action against other members who

Global players and international business has brought countries to direct their thoughts in new ideas of developing legal and country related ties. Mainly the world has been all addressed in the effects of developing ties between neighboring countries and global suppliers of specific items to their region. History has proved that the whole idea of developing a new era of international trade could bring directly economic growth and development for international cooperative actions deliberately. Therefore, this could deliver an extensive amount of stress on the worldwide globalization concept that delivered a new world order. Globalization is the process of

The CITES is an international agreement that entered in force the 1st of July 1975. It is designed to prevent any threat, caused by international trade, towards the survival of specimens of wild animals and plants. The global scale of the trading network nowadays imposes this convention to have an international scope, thus to include 181 parties protecting more than 35,000 species

The Uruguay Round at Punta del Este, Uruguay in 1986 was the last trade negotiation under the framework of GATT 1947 that eventually concluded in Marrakesh, Morocco, in April 1994. The outcome of the Uruguay Round was commendable as it considerably expanded the scope and content of trade rules, governing the international trading system. Firstly, the Uruguay Round sucessfully established the WTO as a new international organisation on trade equipped by various treaty-based, institutional articles including ‘Members’ instead of ‘Contracting Parties’. Moreover, the establishment of the dispute settlement system, consisting of the Panel Report the Appellate Body provided more judicial than political character for resolving any disputes, especially because it has more enforceable sanctions and compliances mechanism than GATT 1947.

The United States has formally maintained diplomatic relations with the European community since 1947 when the US and many European states were founding signers of the General Agreement on Tariffs and Trade (GATT). The agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes. The WTO replaced GATT as the organization overseeing the multilateral trading system in 1994, and now consists of 144 member states.

After the end of World War II, the Governments began having an active interest in making trade liberalization a reality via multilateral negotiations (Baldwin & Jaimovich, 2012). At the time, the United States was aggressively pursuing liberalization of international trade by forming mutual trade agreements between several counties in successive rounds of multilateral negotiations via the General Agreement on Tariffs and Trade (GATT) and later the World Trade Organization (WTO). However, in the past few years, there has been a growing concern over the effectiveness of multilateral negotiations (Cooper, 2014). This concern has led to the formulation of Free Trade Agreement (FTA), which removes nearly all trade subsidies and restrictions for both individuals and a business around the world. Currently, several FTAs have been signed and proposed between countries (Baier et al., 2014). Economists around the world believe that the FTA now includes a large part of the world’s economic output, and, thus, their impact should be studied in greater depth and detail. The consensus over the impact of FTA is that all their effects, good or bad, should be extremely minimalistic on all the countries involved. The following report provides background on the FTA, examines the FTA regulations, and discusses the impact that the FTA has on the global economy.

The history of GATT discussions and the present WTO are the birth right of commitments that the countries have voluntarily agreed with each other. To appreciate the foundation of the present blueprint of import protection across WTO member countries in addition to products and industries within those countries, it is important to turn to the past.

The General Agreement on Trade and Tariffs (GATT) was signed in 1947 as a global international organization that specifies and enforces rules for the conduct of international trade policies and serves as a forum for negotiations to reduce tariffs and other barriers to international trade.

The history of GATT discussions and the present WTO are the birth right of commitments that the countries have voluntarily agreed with each other. To appreciate the foundation of the present blueprint of import protection across WTO member countries in addition to products and industries within those countries, it is important to turn to the past.

The World Trade Organization was formed in 1995 replacing the General Agreement on Tariffs and Trade (GATT), which was formed in 1948. For over forty years the GATT lead trade agreements and mainly tariffs agreements. The WTO was formed to settle conflicts between trade based under the principles of being non-discrimination, reciprocity, transparency and binding and enforceable commitments. Most trade conflict come around high tariffs on particular goods or goods that country’s think are potential dangerous. The WTO however has no actual power to enforce such ruling but relies on the larger more developed countries to enforce such rulings. Throughout the past 19 years there have been hundreds of cases brought to the attention of the WTO.

Andlovic (2014) states that ‘the main objective of the World Trade Organization is to advance a level playing field as well as to remove any oppressive components’. Article 1 of the GATT explicitly forbids "any point of interest, support, benefit or invulnerability allowed by any contracting gathering to any item beginning in or bound for whatever other nation should be agreed instantly and unequivocally to the like item starting in or bound for the domains of all other contracting gatherings"; as such, one of the fundamental purposes of the GATT is that its individuals allow one another to support each other in tax and exchange matters (Andlovic, 2014).