International trade allows countries to expand their markets and establish themselves in goods and services that were otherwise not available domestically. Thanks to international trade, the market is more competitive. Ultimately, this will lead to more competitive prices and will bring the consumer a cheaper product at home. Proponents of the legislation argue that the current method of negotiating trade agreements, which requires congressional approval, is too slow and cumbersome for today`s world. Opponents point out that trade agreements are treaties with other nations and that the Constitution will give Congress the power to conclude those agreements. They also point out that fast track legislation would limit public debate on trade policy. This debate is, of course, one of the reasons why the current method is slow and tedious. As with any master`s degree, there are a large number of specialisations offered in different courses at different universities. For example, Professor Nelson Enonchong, a barber law professor at Birmingham Law School, explained the kind of things his master`s students are studying. international trade contributes greatly to the growth of the country`s economy, because while the country exports a lot of the value of its currency and it also maintains the good relationship between trading countries and the exchange of creativity and innovation which results in quality products and maximizing customer satisfaction. instead of studying alone. “My guess is that there are a lot of chance ways to become a trade negotiator,” he laughs.
“I`ve never met anyone who said, “My goal in my career is to become a trade negotiator.” I think it`s something that goes through experience, and then they end up in that direction. The world`s major countries introduced the GATT in response to the waves of protectionism that paralyzed and contributed to world trade during the Great Depression of the 1930s. Successive GATT “cycles” have significantly reduced customs barriers on industrial products in industrialized countries. Since the beginning of the GATT in 1947, the average tariffs set by industrialized countries have increased from about 40% to about 5% today. These tariff reductions helped to promote both the considerable expansion of world trade after the Second World War and the resulting increase in real per capita income between developed and developing countries. The annual benefit of the elimination of tariff and non-tariff barriers resulting from the Uruguay Round agreement (negotiated between 1986 and 1993 under the aegis of GATT) was estimated at about $96 billion, or 0.4% of global GDP. The most important general trade agreement is fairly simply referred to as a general agreement on tariffs and trade (GATT). The GATT was signed in October 1947 to liberalize trade, create a more liberal trade agreement management organization and establish a trade dispute resolution mechanism.