The establishment of the World Trade Organization (WTO) in 1995 coincided with a period of substantial global economic growth, fueled by lowered tariffs and increased market access in a globalized world economy based on the promise of a rules-based global trading system. Two key principles, reciprocity and non-discrimination, underpinned the WTO system—the former called for countries to provide equivalent concessions and exchange of market access to one another, while the latter obliges member countries to treat products from one country the same as those from any other country.
Examining WTO system amidst growing trade imbalances
Reader’s Picks
-
“Birthrates are plummeting worldwide. Can governments turn the tide?” “The world is running out of children as global birth rates [...]
-
Scotland’s care system is taking years to find many of the country’s most vulnerable children permanent homes—and too many of [...]
-
Social media is negatively impacting the life satisfaction of Australian high school students, according to the latest findings from Australia’s [...]