What Is a WTO Agreement?

The World Trade Organization (WTO) oversees international trade and tariffs for its approximately 150 member nations (as of 2010). The group provides and negotiates trade agreements and allows a forum for dispute resolution. An WTO agreement would be an agreement made in this venue.

Intellectual Property

• The Trade Aspects of Intellectual Property Rights (TRIPS) agreement was introduced in 1995 and created global minimal standards for intellectual property. This includes rights for patents. This was a crucial agreement for pharmaceutical companies because prior to the WTO TRIPS agreement, more than 40 member countries did not have intellectual property rights on medicines, pharmaceutical developments or other medical procedures.

Agricultural Agreement

• The World Trade Organization's Agreement on Agriculture was created to promote rural development and reduce poverty. The agreement provides guidance for small-scale producers in 35 countries. The precepts of food security and development of agricultural products is the mission of this agreement, including the regulation of tariffs and trade for developing and developed countries.

Government Procurement

• Government agencies make up most of the purchasing power for basic commodities and technology. It is natural for government agencies to look for local or domestic providers. The World Trade Organization Agreement of Government Procurement opens up international markets to compete against the domestic provider through the elimination of tariffs.