Volume 42 | Number 3 Summer 2007
Legal Mercantile Evolution from the Twentieth Century to the Dawning of the Twenty-First Century
V. Conclusion
As noted, the development of a multilateral trade organization was a process that lasted over fifty years, beginning with the creation of the League of Nations in 1919 until the establishment of the World Trade Organization in 1994. Its relevance within foreign trade stems not only from its having been constituted as the multilateral institutional legal basis and shared framework for the development of commercial relations among its members, but also from having integrated three agreements into a single structure of great relevance for foreign trade: the Merchandise Agreement (GATT), the Services Agreement (GATS), and Trade- Related Aspects of Intellectual Property Rights (TRIPS).
During the twentieth century, trade developed to the extent that it became an international phenomenon. As such, States have needed to take this into consideration by not only opening their borders to foreign merchandise, but also signing international agreements and taking part in multinational bodies and organizations that have been increasingly consolidated within the regulation arena of foreign trade.
Markets have been driven by globalization and internationalization these last years, which is nothing but a search for mutually beneficial and productive specializations. Nevertheless, opening up to free trade requires a solid foundation to guarantee loyal competition within the arena of foreign trade. Nation states have attempted to work in consonance with the world order of commercial laws, evolving to the rhythm of legal international trade harmonization. Hopefully, future regional and multilateral negotiations generations will be able to keep on developing for the benefit of emerging economies.
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Footnotes
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