International trade agencies like the WTO, ICC, AITIC, WFTO, and USTDA focus on various aspects of foreign trade, from facilitating free and fair trade to providing assistance to the poorest nations and promoting fairness in the supply chain. Each agency has its own goals and objectives, with some focused on benefiting individual nations while others work towards multilateral trade.
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 many aspects of foreign trade. Entities such as the International Trade Information and Cooperation Agency (AITIC) and the World Fair Trade Organization focus on providing assistance to those living in the poorest nations. Sometimes, as seen with the United States Trade and Development Agency (USTDA), international trade agencies are concerned with benefiting an individual nation, even if it is not poor.
The WTO, based in Geneva, Switzerland, is one of the more globally recognized entities in this group. There are 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 objectives of the WTO is to facilitate trade by promoting adherence to principles that result in free trade, fair competition and free trade between nations. When needed or helpful, the agency also helps support trade barriers, such as those that would protect consumers from exposure to harmful imported products.
AITIC is another of the international trade agencies based in Geneva. The focus of this agency, which is mainly funded by developed European nations, is to provide information to some of the world’s poorest countries. The type of help that AITIC offers includes informing those without access to the WTO of new policies or changes implemented by that organization that could influence or benefit them. AITIC also helps enable poor countries to obtain goods or services they may need through trade rather than having to purchase those items.
One of the oldest international trade agencies is the ICC, which was founded in 1919. This agency sees itself as the voice of international affairs and is an avid advocate of multilateral trade. Helping nations access global markets is one of the most important tasks the ICC undertakes. Through its experts, who are divided into commissions, the ICC analyzes almost every aspect of trade, from banking to international property rights to shipping. The agency also has commercial crime services, which address issues such as counterfeiting and cybercrime.
The WFTO is an entity whose goal is to help ensure fairness throughout the supply chain, particularly with regards to small-scale producers who tend to be overlooked when policies and structures are developed and implemented. It is made up of members who are committed to their full commitment to this cause by applying the principles of the organization. Monitored members are permitted to display a distinctive Fair Trade logo to represent their total commitment to public and fair trade.
Although independent, the USDA is an entity funded by the United States Congress. It focuses on helping US companies find development projects overseas. By helping companies take advantage of opportunities to export their goods and services to these markets, the USDA aims to strengthen domestic employment. To achieve this goal, USTDA offers grants to foreign entities sponsoring projects. In return, these sponsors select US suppliers to supply them with goods and services.
Protect your devices with Threat Protection by NordVPN
