Trade rules tend to be taken for granted. They run in the background. Take them away and trading nations could do whatever they want. Without rules there would be mayhem.
The World Trade Organization (WTO) deals with the global rules of trade between nations. At the heart of the organization are the WTO agreements, negotiated and signed by the great majority of the world’s trading nations. Trade within the framework of the WTO agreements is described as “rules-based”.
WTO's Bernard Kuiten and Sainabou Taal explain how a trading system that is based on rules helps to ensure that trade flows as smoothly, predictably and freely as possible.
Learn more:
www.wto.org/english/thewto_e/whatis_e/inbrief_e/inbr_e.htm#global_trade_rules
