- Core Principles:
- Trade without discrimination:
- Most Favoured Nation (MFN): Countries cannot normally discriminate between trading partners. Any trade barrier reduction or market opening must apply to all trading partners. Exceptions for developing countries or unfair trade.
- National Treatment (NT): Imported and locally produced goods should be treated equally after foreign goods enter domestic markets. Applies to services, trademarks, copyrights, patents.
- Free Trade (gradually through negotiation): Lowering trade barriers (tariffs, quotas) through progressive liberalization.
- Binding and enforceable commitments: Countries bind their market opening commitments (e.g., tariff ceilings).
- Transparency: Members must publish trade regulations and notify WTO.
- Single Undertaking: All WTO agreements are a single package; members must join on an all-or-nothing basis.