The World Trade Organization (WTO) is an international organization that regulates trade between countries. The WTO has established numerous agreements that aim to reduce trade barriers and promote free trade.
One of the most important agreements established by the WTO is the General Agreement on Trade in Services (GATS). The GATS is a framework agreement that regulates trade in services between countries. It covers a wide range of services, including financial services, telecommunications, and transportation.
The GATS is based on the principle of “national treatment”. This means that countries cannot discriminate against foreign service providers. Under the GATS, countries are required to treat foreign service providers the same as domestic service providers.
The GATS also allows countries to regulate services in the interest of public policy. This means that countries are allowed to regulate services to protect public health, safety, and the environment.
The GATS has been instrumental in opening up markets for services around the world. It has helped to promote competition and innovation in the service sector. It has also helped to increase the availability of services in developing countries.
Overall, the GATS has been a successful agreement in regulating trade in services. It has helped to promote free trade in services around the world and has provided a framework for countries to work together to open up markets for services.