International Trade
There are five principles governing trade between states:
- Trade without discrimination
- Freertrade
- Predictability
- Promotion of fair competition
- Promotion of economic development and reform.
The following countries are outside the current multilateral system, which is governed by the WTO: Ethiopia, São Tomé and Príncipe, Somalia, Sudan and South Sudan.
By adhering to WTO rules, states accept free trade by reducing barriers such as customs duties and quotas, which allows countries to more easily export their goods and services to other member countries. The WTO is the world’s largest international economic organisation, with its members accounting for more than 98% of world trade and global GDP.