International trade agencies, such as the WTO and ICC, focus on various aspects of foreign trade, while entities like AITIC and WFTO assist people in the poorest countries. The USTDA benefits the US by helping companies find development projects abroad.
Some international trade agencies, such as the World Trade Organization (WTO) and the International Chamber of Commerce (ICC), are large and complex and focus on various aspects of foreign trade. Entities such as the International Trade Cooperation and Information Agency (AITIC) and the World Fair Trade Organization focus on assisting people in the poorest countries. Sometimes, as seen with the United States Agency for Trade and Development (USTDA), international trade agencies are concerned with benefiting a single nation, even if it is not poor.
The WTO, headquartered in Geneva, Switzerland, is one of the most globally recognized entities in this group. There is a wide range of WTO agreements, which are complex legal rules that are developed through negotiations. The agency helps countries develop these rules and encourages agreement. One of the main purposes of the WTO is to help facilitate trade by promoting adherence to principles that result in free trade, fair competition and fair trade among nations. When necessary or beneficial, the agency also helps support trade barriers, such as those that protect consumers from exposure to harmful imported products.
AITIC is another international trade agency based in Geneva. The focus of this agency, which is mainly funded by developed European countries, is to provide information to some of the poorest countries in the world. The kind of help that AITIC offers includes informing those who do not have access to the WTO about new policies or changes implemented by that organization that may affect or benefit them. AITIC also helps to enable poor countries to obtain the goods or services they need commercially rather than having to buy these items.
One of the oldest international trade agencies is the ICC, founded in 1919. This agency considers itself the voice of international business and is an avid advocate of multilateral trade. Helping nations gain access to global markets is one of the most notable tasks ICC engages in. Through its experts, who are divided into committees, the ICC looks into almost every aspect of trade, from banking to international property rights and shipping. The agency also has commercial crime services, which address issues such as counterfeiting and cybercrime.
The WFTO is an entity whose aim is to help ensure equity throughout the supply chain, especially with regard to smallholders who tend to be overlooked when policies and frameworks are developed and implemented. It is composed of members who promise to be fully committed to this cause, applying the principles of the organization. Monitored members can display a distinctive fair trade logo to represent their full commitment to the fair public.
Although independent, the USTDA is an entity funded by the US Congress. The goal is to help US companies find development projects abroad. By helping companies explore opportunities to export their goods and services to these markets, the USTDA aims to increase domestic employment. To reach the goal, the USTDA offers grants to foreign entities that sponsor projects. In return, these sponsors select US suppliers to supply them with goods and services.
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