Final answer:
The subject is primarily about the role of the WTO and other international organizations in facilitating globalized trade and regulating international trade agreements amidst the current trend toward a more interlinked global economy.
Step-by-step explanation:
Trade today is highly globalized, with countries participating in a global market system primarily based on capitalist principles. International organizations like the World Trade Organization, or WTO, play crucial roles in facilitating and regulating international trade. The WTO, established in 1995, was preceded by the General Agreement on Tariffs and Trade (GATT) and has been pivotal in fostering global trade through its member countries.
Globalization has led to the pressing issue of how nations should address the shift towards a more integrated world market, with the WTO serving as a major platform for negotiating trade agreements and handling disputes. Agreements like USCMA/NAFTA, the EU, and TPP represent regional efforts to manage trade relations, while the WTO aims to facilitate global free trade on a broader scale.
Countries like the United States have engaged in bilateral trade deals as well, such as those between the U.S. and China. However, the move towards globalization is not without its challenges, as it often brings up concerns about the dominance of multinational corporations and the impact of globalization on national economies, especially those reliant on natural resource extraction.