ABSTRACT

The world is, and has always been, a place of diversity both in terms of climatic conditions and the resultant goods that are produced. This divergence is equally responsible for trade exchanges between peoples and nations. Enhanced technology has now added a new dimension to this diversity. This makes it necessary for trade between nations and people to take place so that surplus goods can find markets while customers in need of goods will also be able to source them. This underlines the need for global trade exchanges and hence the evolution of the General Agreement on Tariff and Trade (GATT) and now the World Trade Organisation (WTO). However, what is clear is that trading cannot take place without rules guiding its conduct or practice. Developing members of the WTO have been granted special privileges in view of their developing status.