Free Trade Area of The Americas

World Trade Organization (FTAA)
(WTO)

WTO Agreements

The WTO Agreements covers goods, services and intellectual property rights. They provide the guidelines for trade liberalization and the permitted exceptions. They include the commitment of member countries to lower customs tariffs and other trade barriers and to open services. The WTO also set the procedures for settling disputes.
 
Headquarters for the WTO is located in Geneva Switzerland, it was established, 1 January, 1995. It was created by Uruguay Round Negotiations, membership is up to 140 countries. The organization is currently headed by Mike Moore, Director General.

World Trade Organization’s Function:

• Administering WTO Trade Agreements
• Forum for Trade Negotiations
• Handling Trade Disputes
• Relation to The Bahamas

World Trade Organization Structure:

- To serve as a forum for trade negotiations and dispute; and
- To help trade flow freely between members by removing obstacles to trade
- Non-discrimination
- Special and differential treatment
- National Treatment on Internal Taxation and Regulation
- Removal of Quantitative Restrictions (Quotas)
- Settlement of Trade Disputes

Advantages
s Consumer benefits e.g. Lower prices
s Increased competition
s Forum for dispute Settlement


Disadvantages
s Tax Reform
s Government revenue erosion
s Lack of capacity to absorb requirements of membership