Introduction International trade is the backbone of modern globalization, and its regulation has been one of the most significant challenges since the 20th century. Countries often face conflicts over tariffs, subsidies, and trade restrictions, which, if unresolved, can escalate into trade wars. To prevent such outcomes and promote a rules-based system of trade, global institutions…
Introduction The World Trade Organization (WTO) is the backbone of the global trading system. Established in 1995 as a successor to the General Agreement on Tariffs and Trade (GATT), the WTO regulates international trade and provides a platform for countries to negotiate agreements, resolve disputes, and promote fair trade practices. In an increasingly globalized world,…
Introduction The global economy has become highly interconnected, with trade acting as a lifeline for both developed and developing nations. Free trade agreements, globalization, and liberalized markets have enabled countries to specialize in production, exchange goods, and benefit from comparative advantage. However, in recent years, tariff wars—commonly referred to as trade wars—have emerged as a…