WTO Agreements cover cargo trade, service trade and intellectual properties and stipulate the principle of free trade and some exceptions.

-- Structure of WTO Agreements

Annex 1A: Multilateral Agreements on Trade in Goods: GATT 1994 Agriculture, Sanitary and Phytosanitary Measures, Textiles and Clothing, Technical Barriers to Trade, Trade-Related Investment Measures (TRIMs), Anti-dumping (Article VI of GATT 1994), Customs valuation (Article VII of GATT 1994), Pre-shipment Inspection, Rules of Origin, Import Licensing, Subsidies and Countervailing Measures, and Safeguards

Annex 1B: General Agreement on Trade in Services (GATS)
Annex 1C: Trade-Related Aspects of Intellectual Property Rights (TRIPS)
Annex 2: Dispute Settlement Understanding
Annex 3: Trade Policy Review Mechanism
Annex 4: Multilateral Trade Agreements
Annex 4(a): Agreement on Trade in Civil Aircraft
Annex 4(b): Agreement on Government Procurement
Annex 4(c): International Dairy Agreement
Annex 4(d): International Bovine Meat Agreement

-- Basic Principles of WTO Agreements

Trade Without Discrimination

1. Most-favored-nation (MFN): treating other people equally

Under the WTO Agreements, countries cannot normally discriminate between their trading partners. Grant someone a special favor (such as a lower customs duty rate for one of their products) and you have to do the same for all other WTO members.

2. National treatment: treating foreigners and locals equally

Imported and locally-produced goods should be treated equally -- at least after the foreign goods have entered the market. The same should apply to foreign and domestic services, and to foreign and local trademarks, copyrights and patents.

National treatment only applies once a product, service or item of intellectual property has entered the market. Therefore, charging customs duty on an import is not a violation of national treatment even if locally-produced products are not charged an equivalent tax.

Freer Trade

Lowering trade barriers is one of the most obvious means of encouraging trade. The barriers concerned include customs duties (or tariffs) and measures such as import bans or quotas that restrict quantities selectively. From time to time other issues such as red tape and exchange rate policies have also been discussed.

Promoting Fair Competition

The WTO is sometimes described as a "free trade" institution, but that is not entirely accurate. The system does allow tariffs and, in limited circumstances, other forms of protection. More accurately, it is a system of rules dedicated to open, fair and undistorted competition.

Balance of rights and obligations

WTO members shall implement obligations required by the WTO such as abiding the basic regulations of the WTO, carrying out the obligations of tariff reductions as promised and guaranteeing the uniformity and transparency of trade policies and regulations. At the same time, WTO members also enjoy a series of rights granted by the trading organization.

Encouraging Development and Economic Reform

It is widely recognized by economists and trade experts that the WTO system contributes to development. It is also recognized that the least-developed countries need flexibility in the time they take to implement the agreements. And the agreements themselves inherit the earlier provisions of GATT that allow for special assistance and trade concessions for developing countries.

Over three fourths WTO members are developing countries and countries in transition to market economy. During the seven and a half years of the Uruguay Round, over 60 of these countries implemented trade liberalization programs autonomously. At the same time, developing countries and transition economies were much more active and influential in the Uruguay Round negotiations than in any previous round.