Map of Izmit on The conclusion of the Uruguay round led to the establishment of the WORLD TRADE ORGANIZATION (WTO) in 1995. The WTO replaced GATT and provided the resources and the legal status for the resolution of trade disputes. It effectively introduced the monitoring and policing of multilateral trading system by imposing trade sanctions against a member country which refused to accept the WTO ruling over a trade dispute. In 2003, there were more than 130 countries who were members of the WTO. There is also an increase in number of custom unions and free trade areas.
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A custom union represents a union of two or more countries within which trade restrictions are abolished but a common external tariff is established and applied against non-members. The EUROPEAN UNION, Mercosur, Caribbean Community and Common Market (CARICOM) are custom unions. Map of Izmit 2016.
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