Word: traded
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Dates: during 1990-1999
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What is the World Trade Organization? Formed in 1995, it's a global coalition of 135 governments that makes the rules governing international trade in an increasingly global economy. The creation of those rules requires a unanimous vote, which means that agreeing on new rules takes years of extensive, often contentious trade negotiations...
...kind of court, making binding rulings when member states are in dispute - for example, when European governments tried to stop importing hormone-treated beef from the U.S. on health grounds, they were overruled by the WTO. The WTO's members gave the body such powers precisely to ensure that trade disputes between countries are resolved quickly and smoothly, by an arbitration mechanism they all recognize as legitimate...
...organization's four aims are: To ensure that all members enjoy the same trading rights as other members To support free trade and the reduction and elimination of tariff barriers To establish binding rules to ensure fairness and consistency in trade To eliminate subsidies in order to make trade more competitive...
Serious critics of the World Trade Organization may be facing a problem familiar to that of moderate Republicans - making their voices heard above the extremist din in their own tent. President Clinton arrived in a Seattle under siege Wednesday, after police Tuesday imposed a curfew to curb the protests that disrupted the opening of the WTO summit. An impossibly broad coalition of activists - ranging from anarchists to environmentalists and the pillars of U.S. organized labor - have condemned the WTO as a forum of corporate interests with growing power to overrule national governments on such issues as protecting the environment...
...will never sacrifice American security or values on the altar of trade." --G.O.P. presidential candidate Steve Forbes in a speech at the Richard Nixon Library and birthplace