These are the trade associations established to liberalize trade among the member nations. Encourage globalization, industrialization and growth of multilateral corporation play an important role in economic uncertainties in the world. They make efforts to remove trade barriers involved in develop social, labor and environmental standards.
List of Trade Institutions
- World Trade Organization (WTO)
- United Nations Commission on International Trade Law (UNCITRAL)
- Financial Action Task Force (FATF)
1. World Trade Organisation (WTO )
- It deals with the international rule of trade in goods, services and intellectual properties between participants nations
- It operates global system of trade rules.
- Its a platform for negotiating trade agreements.
- It settle disputes between member nations, provide financial assistance and training for developing countries.
- Decision making body is the Ministerial Conference, meets every two year.
- WTO officially commenced under the Marrakesh Agreement, replacing GATT -General Agreement on Tariffs and Trade.
- Doha development round- a round of negotiation, an ambitious effort for trade liberalization to strengthen sustainable assistance for developing countries (stalled due to obstacles).
- WTO also a center of economic research and analysis.
- Principles of trading system- Non- discrimination, Transparency, safety value, Reciprocity, Binding and enforceable commitments.
- WTO Annual Report
- Factors shaping the future of World Trade
- Trade in natural resources.
2. United Nations Commission on International Trade Law (UNCITRAL)
- Its a core legal body of United Nations on international trade law, established by UN General Assembly in 1966.
- Main business- modernization and harmonization of rules on international business.
- UNCITRAL carries its works at annual session, held in alternate years at United Nations HQ in New York and at Viena.
- To achieve its aim UNCITRAL perform following activities-
- Regional and national seminars on unified commercial law
- Conventions, model law and rules (acceptable worldwide)
- Update information on case law and enactment of uniform commercial law
- Technical assistance in projects related to law reforms.
3. Financial Action Task Force (FATA)
- established in 1989 by the ministers of its member juridiction
- An intergovernmental "policy making" organisation initiative to develop policies to combat money laundering and financing of terrorism.
- Secretariat housed at the headquarter of the OECD in Paris.
- Primary policies- Forty Recommendation on money laundering and Nine in financing of terrorism and proliferation of non- destruction.
- FATF issued- "Forty plus Nine" Recommendation a list of Non cooperative countries or Territories (NCCT) commonly called as FATF Blacklist.
- Function- setting standards and monitoring the progress of implementation of necessary measure, reviews money laundering and terrorist financing techniques.
- Protection of international financial system from misuse.
- Mutual Evaluation Report
- Typologies Report
- Risk Based Approach Report
- Annual Report.