Geneva, 29 December 2021 (TDI): The World Trade Organization (WTO) celebrates two anniversaries this year, with the plurilateral agreement on government procurement (WTO GPA) completing 25 years and the first-ever government procurement act (GATT GPA) completing 40 years, since its inception in 1981.
This year marks the 2️⃣ 5️⃣ th anniversary to the WTO Government Procurement Agreement (#WTOGPA) & the 4️⃣ 0️⃣ th anniversary to the GATT GPA! Check out this infographic to learn about some key facts about the GPA.
More about the dual anniversary 👉 https://t.co/LC8p1R3ZDi pic.twitter.com/zlsthe6M58— WTO (@wto) December 27, 2021
Members from New Zealand and Ukraine joined the panel to discuss their experiences since joining the WTOGPA on July 31st, 2021. Specifically, whether joining the GPA exceeded or fell below their expectations and whether WTO members considering accession should go through with it.
Since 1981, these agreements have greatly benefited the notion of corruption-free and fair trade across a number of member countries, with GPA membership having an overall positive impact on foreign outward affiliate services and inter-OECD trade in goods and services. Service exports have also increased with additional members ‘accession.
Currently, there are 48 members that are bound by the GPA, members increased by 166.5% since 1981 with 159 meetings that have taken place since then. The agreements account for 6%-20% of the national GDP in several regions of the globe, with government procurement markets that are covered by the GPA sitting at a net value of about 1.7 trillion USD.
WTO is the only international organization that deals with the rules of trade between states. The WTO agreements are at its heart which are negotiated and signed by the majority of the globe’s trading nations as well as ratified in their parliaments. The objective is to assure trade flow as predictably, freely, and smoothly as possible.
The WTO has multiple functions: it manages an international system of trade regulations and acts as a platform for negotiating trade agreements.
