WTO is the onlt international trade organization. In fact, there are different types of international organizations concerning different areas and they may include non-governamental organizations(NGOs) and governmental ones. Oxfam is an example of an world-wide confederation that includes 12 independent non-government organizations fighting for the poor in the world.
Trade in the East Indies was dominated by Portugal in the 16th century, the Netherlands in the 17th century, and the British in the 18th century.
Empirical evidence for the success of trade can be seen in the contrast between countries such as South Korea, which adopted a policy of export-oriented industrialization, and India, which historically had a more closed policy (although it has begun to open its economy, as of 2005).
Trade sanctions against a specific country are sometimes imposed, in order to punish that country for some action.
The World TradeOrganization has the authority to administer and police new and existing free trade agreements, to oversee world trade practices, and to settle trade disputes among member states.
The WTO was established in 1994 when the members of the General Agreement on Tariffs and Trade (GATT), a treaty and internationaltradeorganization, signed a new trade pact.
Opponents of the WTO argue that the organization is too powerful because it can declare the laws and regulations of sovereign nations in violation of trade rules, in effect pressuring nations to change these laws.
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