What does WTO plus mean?

What does WTO plus mean?

“WTO-plus” is commonly used to describe the commitments made by acceding Members during their accessions to the WTO with the contents and levels of obligations exceeding those required by WTO agreements. These are “WTO-plus” commitments or concessions.

What is WTO plus obligations?

WTO-plus obligations represent specific obligations contained in accession protocols that are perceived to expand the existing obligations under multilateral trade agreements and go beyond the existing requirements (Qin, 2016).

What does a WTO do?

The WTO is the center of the global trading system. Made up of and governed by member nations, the WTO administers the network of international trade rules currently in place. It serves as a place to negotiate changes to existing agreements and, when issues come up, for member countries to mediate any disputes.

What are the benefits of WTO?

Benefits of WTO membership

  • — Participation in the development of new rules and principles of international trade.
  • — Export diversification.
  • — Transparent, predictable and attractive investment regime.
  • — Increase of sovereign credit ratings.
  • — Strengthening positions in trade disputes.

Why was joining the WTO such a major step for China?

China wanted to join the WTO because it would allow China access to new trading partners and better rates with current ones, raising prospects for improved living standards domestically and giving China a seat at the table in a globalizing world.

How WTO is helpful in international business?

In brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.

Does the WTO Favour rich countries?

The trade organization doesn’t treat rich and poor nations the same, but all members can gain from collective negotiations. Today, supporters of the WTO argue that its success is self-evident: it has increased global trade and continues to fulfill its mission. …

Is WTO Good or bad?

The WTO’s global system lowers trade barriers through negotiation and applies the principle of non-discrimination. The result is reduced costs of production (because imports used in production are cheaper) and reduced prices of finished goods and services, and ultimately a lower cost of living.

How many countries are in the WTO?

159 countries
159 countries are currently members of the WTO….

Country Date of accession
Ecuador 21 January 1996
Bulgaria 1 December 1996
Mongolia 29 January 1997
Panama 6 September 1997