The Marrakesh Agreement is an international treaty that established the World Trade Organization (WTO) in 1995. The Marrakesh Agreement was signed in the city of Marrakesh, Morocco, in April 1994 and came into force in January 1995.
The Marrakesh Agreement was the result of a long process of negotiations and haggling among the member states of the General Agreement on Tariffs and Trade (GATT), which preceded the WTO. The aim of the Marrakesh Agreement was to create a more effective and efficient organization to supervise and regulate global trade.
The Marrakesh Agreement established the WTO as a multilateral institution to provide a forum for negotiations and disputes related to international trade. The WTO is responsible for administering trade agreements, providing technical assistance and training for developing countries, monitoring national trade policies, and cooperating with other international organizations.
The Marrakesh Agreement also established the General Agreement on Trade in Services (GATS) and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). These two agreements provide a framework for regulating trade in services and protecting intellectual property rights, respectively.
For UPSC aspirants, understanding the Marrakesh Agreement and the WTO is important as it is a key area of international relations and trade policies. In recent years, there has been a growing debate about the effectiveness and relevance of the WTO in the face of changing global trade patterns and challenges. Understanding the history and workings of the Marrakesh Agreement and the WTO provides a framework for understanding these debates and issues.
In conclusion, the Marrakesh Agreement is a significant treaty that established the WTO and provided a framework for international trade agreements and regulations. For UPSC aspirants, understanding the Marrakesh Agreement and the WTO is important as it is a key area of international relations and trade policies.