Is the WTO the only international body affecting countries trade policies?
No – the WTO could be described as the centrepiece of international rules on trade, but the rules and agreements reached there are not the only influence on countries’ trade policies. Many countries also have regional or bilateral trade agreements with other countries, for instance the EU is currently negotiating a new trade agreement with its former colonies. When these agreements are negotiated between rich and poor countries there is a danger that poor countries are forced to make concessions that are not good for their economies. Another major influence on poor countries’ trade policies comes from the International Monetary Fund (IMF), World Bank and other international aid donors. These organisations and countries attach conditions to aid, loans and debt cancellation that require poor countries to adopt certain trade policies. Often these conditions force countries to make commitments that go far beyond what they have negotiated at the WTO. Summary • Beforehand Drinks (Meet in Pub
