how development of world trading system changes over a period of several centuries.
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Answer:
Generally, trading in this manner is done through Online auctions and swap markets. The history of bartering dates all the way back to 6000 BC. Introduced by Mesopotamia tribes, bartering was adopted by Phoenicians. Phoenicians bartered goods to those located in various other cities across oceans.
Conclusion
World Trading Organization
The World Commerce Body is an intergovernmental organization responsible for regulating and facilitating international trade. Governments utilize the organization to create, update, and enforce international trade regulations.
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The early days of trade
Throughout history, trade and foreign policy have been inextricably linked, with foreign policy being adapted to favor trade interests. During the Han Dynasty in the third century BC, China utilized its military force to keep the Silk Road open for commerce. Rome invaded Egypt in 30 BC, mostly to increase its grain supplies.
The GATT era
From 1948 to 1994, the GATT set the rules for much of global trade and presided over some of the fastest growth rates in international trade. It appeared to be well-established, but it was a transitory arrangement and structure during the whole 47-year period.
Birth of the WTO
The WTO’s creation on 1 January 1995 marked the biggest reform of international trade since the end of the Second World War. Whereas the GATT mainly dealt with trade in goods, the WTO and its agreements also cover trade in services and intellectual property. The birth of the WTO also created new procedures for the settlement of disputes.
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