The Protocol Amending the Marrakesh Agreement Establishing the World Trade Organization (WTO) is a significant development in the history of international trade. This protocol is aimed at modernizing and updating the WTO, which was established in 1994. This article will discuss the Protocol Amending the Marrakesh Agreement Establishing the World Trade Organization and its key features.
Firstly, it is essential to understand the background of the Marrakesh Agreement and the WTO. The Marrakesh Agreement was signed in 1994 with the aim of creating an international organization that would regulate world trade and promote economic development. The WTO was established as a result of this agreement, and it replaced the General Agreement on Tariffs and Trade (GATT).
However, since its establishment, the WTO has faced several challenges. The world has changed significantly since 1994, and the WTO needed to adapt to the new realities of the global economy. Hence, the Protocol Amending the Marrakesh Agreement Establishing the World Trade Organization was adopted in 2015 to modernize and update the WTO`s rules and procedures.
One of the key features of the Protocol is the introduction of the Trade Facilitation Agreement (TFA). The TFA is aimed at simplifying and streamlining customs procedures to make it easier and cheaper to move goods across borders. The TFA is expected to reduce trade costs significantly, which will benefit both developed and developing countries.
Another critical aspect of the Protocol is the enhancement of the WTO`s dispute settlement mechanism. The WTO`s dispute settlement mechanism is one of its most critical functions, and it has played a significant role in safeguarding the integrity of the multilateral trading system. The Protocol includes changes to the dispute settlement procedures, which will make the resolution of disputes more effective and efficient.
Furthermore, the Protocol contains provisions that promote the participation of developing countries in the global trading system. These provisions include the extension of the transition period for the Least Developed Countries (LDCs) to implement the WTO`s rules and a commitment to provide technical assistance to LDCs to help them better participate in the global trading system.
In conclusion, the Protocol Amending the Marrakesh Agreement Establishing the World Trade Organization is a significant development in the history of international trade. The Protocol is aimed at modernizing and updating the WTO, and it contains several key features that promote trade facilitation, enhance the dispute settlement mechanism, and promote the participation of developing countries in the global trading system. These changes are expected to make the WTO more effective and relevant in the 21st century and beyond.
