The WTO is a negotiating forum on the liberalization of world trade. The EU negotiates within the WTO on behalf of all EU countries. In the mid-1920s, the League of Nations helped prepare credit to stabilize the economies of several European countries. An international economic conference convened by the League in Geneva in 1927 and attended by several third countries such as the United States and the Soviet Union was the subject of a series of resolutions on trade, cartels and other issues, which were assumed to be an international code of conduct in political matters. The discussion on a Bank for International Settlements (BIS) took place in 1930. Since then, regular meetings have been held in Basel, Switzerland, between central bank governors and experts from other financial agencies. The BIS conducts its own research in the financial and monetary economy and collects, produces and disseminates economic and financial statistics, supports the IMF and the World Bank, assumes traditional banking functions for national central banks (for example. B transactions on gold and currencies), as well as for fiduciary and agency functions. However, the major international financial institutions were created by governments by the Bretton Woods Agreement of 1944.
This has led to the creation of permanent international organizations to promote international monetary cooperation and to provide the mechanisms on which countries have been able to consult and cooperate – the IMF, the International Bank for Reconstruction and Development (IBRD) (later the World Bank) and an International Trade Organization (ITO) that never started. The boards of directors and boards of directors of these institutions would be controlled by the countries with the most investments (quotas). This broad scope makes them more robust than other types of trade agreements as soon as all parties sign. Bilateral agreements are easier to negotiate, but only between two countries. Currently, WTO members are engaged in a round of multilateral negotiations known as the Doha Development Agenda. Negotiations are currently stagnating; the four main players in the food trade (Brazil, the EU, India and the United States) have held discussions but have not yet reached an agreement. Multilateral trade agreements can also be concluded on a regional basis. There are many multilateral trade agreements between countries around the world at the regional level for the development of each Member State`s economy, which are signed in each multilateral trade agreement. SAARC (South Asian Association for Regional Cooperation), NAFTA (North American Free Trade Agreement), etc., are some of the multilateral trade agreements that are geographically constructed. Multilateral trade agreements for public health, the environment, etc., are moved around the world, unlike the economic development of each member country and thus to the development of global nations as a whole.
The fourth advantage is that countries can negotiate trade agreements with more than one country at the same time. Trade agreements are subject to a detailed authorisation procedure. Most countries would prefer to ratify an agreement covering many countries at the same time.