2. The related agreements and legal instruments in Schedules 1, 2 and 3 (`multilateral trade agreements`) are an integral part of this agreement and are binding on all members. The agreement establishes a committee to monitor the implementation of commitments and to monitor the follow-up of the decision on measures on the potential negative effects of the reform programme on least developed developing countries and net food-importing countries. Unlike its predecessor, the agreement contains a definition of the subsidy and introduces the concept of a “specific” subsidy, which is for the most part available to only one company, industry or group of companies, or a group of companies or industries under the jurisdiction of the Granting Authority. Only specific grants would be subject to the disciplines defined in the agreement. The agreements reached for the two largest areas of the WTO, goods and services, share a three-part framework: the agreement sets out the criteria for “serious harm” and the factors to be considered in determining the impact of imports. The protective measure should only be applied to the extent necessary to prevent or repair serious injuries and facilitate adaptation. When quantitative restrictions are introduced, they should normally reduce import volumes below the annual average in the last three representative years for which statistics are available, unless there is clearly justification that another level is needed to prevent or remedy serious harm. 3. Paragraph 1 applies between a member and another member who has joined under Article XII only if the member who does not accept the application has informed the Ministerial Conference of the terms of membership before the agreement is approved by the Ministerial Conference.
Introduction The establishment of the World Trade Organization was not foreseen when discussions began in 1986 as part of the Uruguay Round, but during the discussions it was proposed as an institutional framework necessary for the implementation of the final agreements. As this manual points out, the agreements reached at the end of the Uruguay Round were a major step forward in efforts to improve the regulation of international trade. In short, the WTO is the common institutional framework for the implementation of trade relations among its members on the issues related to the agreements contained in the final act. Chapter 1 described the historical context of Uruguay`s round of negotiations and the key issues for the round. In this appendix, we will discuss the agreement establishing the World Trade Organization (WTO). The establishment of the World Trade Organization at the Ministerial Meeting in Marrakech on 15 April 1994 was signed by all GATT contracting parties to the final act on the outcome of the uruguay round multilateral trade negotiations. A total of 111 of the 125 official participants in the Uruguay Round signed the final deed. By mid-1996, the organization had 116 members and 37 countries had observer status. The list of current members and observers is in box A1 at the end of this appendix.
The WTO is the common institutional framework for the implementation of trade relations among its members on issues related to the Uruguay Round agreements. The main features and functions of the organization are highlighted below. The main features of the WTO This is a single institutional framework, which includes the GATT as amended by the Uruguay Round negotiations, as well as all agreements and agreements concluded under the Wto. It is chaired by a ministerial conference that meets every two years. The Organization`s General Council oversees the Organization`s activities and ministerial decisions and acts as a dispute resolution body and trade verification mechanism.