World Trade Organization
Global commerce arbiter
The World Trade Organization, typically called the WTO, is an international body that establishes and enforces rules governing trade between nations.
Founded in 1995 as a successor to earlier trade agreements, it provides a framework for negotiating trade deals and resolving disputes when countries accuse each other of unfair practices like dumping goods or imposing illegal tariffs.
The WTO ruled against the country's steel tariffs.
Taxes on imports
- quotasMandated numerical limits
- subsidiesFinancial aid from government
- dumpingDisposing carelessly or abruptly
- protectionismShielding local producers
liberalization · trade barriers · export controls · customs · duties · sanitary measures
Settling conflicts formally
- trade disputesConflicts over commerce terms
- retaliationPunitive response to injury
- sanctionsPunitive international restrictions
- rulingsAuthoritative decisions on matters
arbitration · compliance · countermeasures · safeguards · anti-dumping · violations · complaints · panels
Ammunition or bout divisions
- diplomacyNegotiation between nations
- delegatesChosen representatives or assigns
- concessionsThings granted or yielded
- deadlockMutual blocking, no progress
bargaining · compromise · ratification · summit · signatories · dialogue · plenary · mediation
Multi-party international cooperation
- member statesCountries within a union
- secretariatAdministrative office of organization
- director-generalHead of large institution
- accessionAttainment of high office
consensus · Geneva · panels · rulings · compliance · enforcement · voting · committees
Tariff-reducing treaty acronym
- schedulesPlanned sequences of events
- commitmentsPromises requiring follow-through
- protocolsEstablished codes of conduct
- annexesAttaches or absorbs
tariffs
Taxes on imports
- quotasMandated numerical limits
- subsidiesFinancial aid from government
- dumpingDisposing carelessly or abruptly
protectionism · liberalization · trade barriers · export controls · customs · duties · sanitary measures
dispute resolution
Settling conflicts formally
- trade disputesConflicts over commerce terms
- retaliationPunitive response to injury
- sanctionsPunitive international restrictions
rulings · arbitration · compliance · countermeasures · safeguards · anti-dumping · violations · complaints · panels · findings
rounds
Ammunition or bout divisions
- diplomacyNegotiation between nations
- delegatesChosen representatives or assigns
- concessionsThings granted or yielded
deadlock · bargaining · compromise · ratification · summit · signatories · dialogue · plenary · mediation · stalemate
multilateralism
Multi-party international cooperation
- member statesCountries within a union
- secretariatAdministrative office of organization
- director-generalHead of large institution
accession · consensus · Geneva · panels · rulings · compliance · enforcement · voting · committees · working parties
GATT
Tariff-reducing treaty acronym
- schedulesPlanned sequences of events
- commitmentsPromises requiring follow-through
- protocolsEstablished codes of conduct
- Global Economicsfree trade, economic development, trade pacts, economic growth, trade blocs
- globalizationglobalization, free trade, global village, global trade, multinationals
- Economic OrganizationsIMF, World Bank, OECD, WTO, central bank
- GenevaUnited Nations, Red Cross, WHO, Lake Geneva, Geneva Conventions
- Global OrganizationsUnited Nations, UN, European Union, EU, NATO
- International OrganizationsUN, United Nations, EU, European Union, NATO
World Trade Organizationprotectionism
Shielding local producers
economic nationalism · mercantilism · tariff barriers · trade war · autarky
organization, worldwide, unworldly, netherworld, worldliness