Business Environment by Pearson

CHAPTER OUTLINE

BACKGROUND

 e World Trade Organization (WTO) is one of the most important institutions dealing with

international economic relations. In broad terms, its role is twofold. One, to establish and enforce

the rules of the road for international trade in both goods and services. Two, to progressively

liberalise that trade, in 2006 valued at close to US$12,083 bn every year. While the WTO began

its life on January 1, 1995, its origins are more than half-a-century old.  ey lie in the economic

and social disaster of the Great Depression of the 1930s. At this time in history, countries turned

inwards and provoked a descending spiral ...