World Trade Organisation (WTO)
Context:
The World Trade Organization's 14th Ministerial Conference (MC14) is scheduled for March 26–29 at Yaoundé, Cameroon.
As the WTO's highest decision-making body, it is empowered to make all decisions on WTO law and chart the path for the organisation's future work amid a rising retreat of trade multilateralism.
The Marrakesh Agreement:
The WTO was established on January 1, 1995, following the conclusion of the Uruguay Round (1986–94) of multilateral trade negotiations.
It was formally created by the Marrakesh Agreement, replacing the General Agreement on Tariffs and Trade (GATT) as the cornerstone of the multilateral rules-based global trading system.
Classification of Agreements:
Multilateral Trade Agreements:
These form the "bulk" of the WTO's legal framework.
They are binding on all members of the WTO.
Examples include the GATT 1994, GATS (Services), and TRIPS (Intellectual Property).
Plurilateral Trade Agreements:
Unlike multilateral ones, these are binding only on the members that have accepted them.
Currently, India maintains a deeply entrenched position of opposing these agreements.
The Annexed Structure:
The WTO's legal framework is organised into several Annexes under the Marrakesh Agreement:
Annex 1:
Annex 1A: Multilateral Agreements on Trade in Goods (including GATT 1994 and the Agreement on Agriculture).
Annex 1B: General Agreement on Trade in Services (GATS).
Annex 1C: Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).
Annex 2: Understanding on Rules and Procedures Governing the Settlement of Disputes.
This is currently in crisis due to the dysfunction of the Appellate Body, which India is seeking to restore at MC14.
Annex 3: Trade Policy Review Mechanism, providing for periodic collective appreciation of members' trade policies.
Annex 4: Plurilateral Trade Agreements (Agreement on Government Procurement).