The International Organization That Settles Trade Disagreements And Enforces Free Trade Agreements
WTO agreements include specific provisions for developing countries, including longer timelines for the implementation of agreements and commitments, measures to improve trade opportunities and help build trade capacity, resolve disputes and implement technical standards. The WTO organises hundreds of technical cooperation missions in developing countries each year. In addition, many courses for government officials are held each year in Geneva. Aid to trade is intended to help developing countries develop the capacity and infrastructure needed to develop their trade. Due to the rapid increase in cross-border trade and cross-border investment in the 1990s, individual states, as well as public and private investors, sought ways to resolve conflicts or alleged violations of trade agreements. Over time, the international trading system has developed a number of mechanisms to do so, depending on the nature of the disputes and the parties involved. The North American Free Trade Agreement (NAFTA) was implemented on January 1, 1994, creating a trade area of 360 million consumers and ensuring safe markets for U.S., Canadian and Mexican products. One of THE main objectives of NAFTA is to promote the development of trade partnerships between North American companies in order to promote greater efficiency and combat fierce competition from the Far East and Europe. So far, NAFTA seems to be working. Since the implementation of the agreement, there has been an increase in joint ventures and strategic alliances between U.S. and Mexican companies.
Close ties with Canada are also flourishing. The benefits of this teamwork will make the United States, Canada and Mexico more globally competitive at a time when regional trade alliances are becoming increasingly important in the global economy. Latin America and the Caribbean have come a long way in their economic and political development. The “lost decade” of the 1980s is a fading memory. Less than 20 years ago, most Latin American countries were ruled by generals or dictators closely linked to the military. Today, freely elected governments rule in almost every country in Latin America and the Caribbean. These once-closed markets became dynamic economies similar to the “Asian tigers” (Taiwan, Hong Kong, South Korea and Singapore) during their development in the 1970s. The intensification of boom and bust cycles in the region is beginning to flatten due to widespread economic reforms and better leadership.