Recent Agreements of Wto

The World Trade Organization (WTO) has seen several significant developments in recent months. From the conclusion of several new trade agreements to ongoing negotiations for more, these developments have the potential to impact global trade in a significant way.

One of the most notable recent agreements is the Regional Comprehensive Economic Partnership (RCEP), signed by 15 countries in November 2020. The RCEP includes countries such as China, Japan, South Korea, Australia, and New Zealand, among others, and is expected to create a free trade area covering one-third of the global economy. The agreement aims to reduce tariffs, improve market access, and facilitate investment among member countries.

Another significant development is the United States’ return to the Paris Agreement on climate change. The Paris Agreement, adopted by the United Nations Framework Convention on Climate Change in 2015, aims to limit global warming to below 2 degrees Celsius above pre-industrial levels. The United States’ re-entry into the agreement is expected to have a positive impact on global efforts to address climate change.

The WTO has also been engaged in ongoing negotiations for several other trade agreements. One such agreement is the Environmental Goods Agreement (EGA), which aims to reduce tariffs on a range of environmental goods, including solar panels, wind turbines, and wastewater treatment technologies. Negotiations for the EGA began in 2014 and are ongoing, with the hope that an agreement will be reached soon.

Additionally, negotiations for a new Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement are underway. TRIPS is a set of international rules governing intellectual property rights, including patents, trademarks, and copyrights. The negotiations aim to update and modernize TRIPS to better reflect the current global trade landscape and promote innovation.

Finally, the ongoing negotiations for a new Agreement on Agriculture (AoA) are also of significant importance. The AoA is a set of rules governing agricultural trade, including subsidies and market access. Negotiations for a new AoA began in 2000 and are ongoing, with the aim of reaching a new agreement that will address the concerns of both developed and developing countries.

In conclusion, the recent agreements of the WTO have the potential to impact global trade in significant ways. From the creation of free trade areas to the modernization of intellectual property rules, these agreements have the potential to benefit businesses and consumers around the world. As the negotiations for these agreements continue, their impact on global trade will become clearer.