Role of the World Trade Organization in Multilateral International Trade: An Evaluation.

INTRODUCTION Until the end of the 20th century, multilateral international trade was managed without inter-state adjustment. Since GATT has provided regulations for the international trade system before the establishment of the World Trade Organization (WTO), some may prove the role of the General Agreement on Tariffs and Trade in Multilateral Trade (GATT) . However, GATT is just a set of rules developed by the trading country, there is no institutional basis and it does not have the same international influence as other international institutions like the International Monetary Fund (IMF) and the World Bank (Krueger & Aturupane 1998).

Because there is no international trade organization, each country moved to GATT 1947, the only existing international multilateral trade institution since the early 1950s, and worked on issues related to trade relations. As a result, GATT has "self-reformed" de facto international organizations for many years. GATT is expected to be applied for several years until ITO becomes effective. However, since ITO has never been manufactured, GATT has gradually become the focus of international cooperation on trade issues.

The World Trade Organization was founded in 1995. The multilateral trading system is the successor to the General Agreement on Tariff Trade (GATT) established after the Second World War, and GATT and the World Trade Organization (WAT) helped to build a strong organization. The prosperous trading system promoted unprecedented growth of the world economy. The WTO system is developed through a series of trade negotiations or rounds held under the GATT. The main round mainly included tariff reduction and anti-dumping measures (1). The Uruguay Round (1986-94) led to the establishment of the World Trade Organization. Since 1994, further agreement has been made on the issue of telecommunications and financial services, information technology production and global e-commerce issues. Within less than a week new consultations on agriculture, services and many other issues will begin.