International Trade Agreements And Organizations
The main free trade zones are the European Union (EU), the North American Free Trade Agreement (NAFTA) and the Association of South Asian Nations (ASEAN). The GATT also allows free trade zones such as the European Free Trade Area, which consists mainly of Scandinavian countries. Members of free trade agreements remove tariffs on trade with each other, while maintaining autonomy in setting tariffs with non-members. Despite the potential tensions between the two approaches, it appears that multilateral and bilateral/regional trade agreements will remain characteristics of the global economy. However, both the WTO and agreements such as NAFTA are controversial among groups such as alter-globalists, who argue that such agreements serve the interests of multinationals and not workers, while free trade was a proven method of improving economic performance and increasing overall income. To counter this opposition, pressure has been exerted for labour and environmental standards to be included in these trade agreements. Labour standards contain provisions relating to the minimum wage and working conditions, while environmental standards would prevent trade if there were fears of environmental damage. There are three different types of trade agreements. The first is a unilateral trade agreement if one country wants certain restrictions to be enforced, but no other country wants them to be imposed. It also allows countries to reduce the amount of trade restrictions. It is also something that is not common and could affect a country. However, these advantages must be offset by a disadvantage: by excluding some countries, these agreements can transfer the composition of trade from low-cost countries that are not parties to the agreement to high-cost countries that are. The Bretton Woods Conference of 1944, which established an international monetary policy institution, recognized the need for a comparable international institution for trade, which complements the International Monetary Fund and the World Bank.
 Bretton Woods was visited by representatives of the ministries of finance and not representatives of the departments of commerce, the reason suggested why a trade agreement was not negotiated at this stage.  The United States is a member of the World Trade Organization (WTO) and the Marrakesh Agreement establishing the World Trade Organization (WTO) contains rules for trade among the 154 members of the WTO.