Sublime

Modern trade pacts can be traced back to the post–World War II period, when, in 1947, twenty-three countries signed the General Agreement on Tariffs and Trade. GATT’s emphasis was on reducing tariffs inhibiting the flow of manufactured goods, and in that the organization succeeded: the average global import tariff on goods has more than halved, fal

Globalization and Trade Agreements: o NAFTA (North American Free Trade Agreement): Implemented in 1994, NAFTA reduced trade barriers between the US, Canada, and Mexico, encouraging businesses to relocate production to lower-cost regions.

o WTO (World Trade Organization): Established in 1995, the WTO facilitated global trade by reducing tariffs and t

In volume terms, world merchandise trade rose by 2.7% in 2022. The volume figure was well below the 12.4% growth in value terms, reflecting the effect of high global commodity prices.

Since China joined the World Trade Organization in 2001 it has been more open to business with the world. China still heavily restricts foreign companies’ access to its own markets, but its international trade, within a market-based system and subject to the WTO’s rules and judgements, has expanded dramatically.2 This reshaped economic relations al