International trade has made a long journey from what it was in the past. In fact it may be said that international trade was responsible for the development of many regions across the globe. Conventionally the International trade was regulated through the bilateral treaties between two nations. For majority of the centuries, International trade provided the major boost for the regions not in the developed condition to get motivated to increase their growth. Initially there was high tariffs and restrictions were imposed on the International trade. It is because of these factors that, regulation of international trade gained momentum and paved way for lot of changes throughout the world.
Before commencing on the topic of regulation of international trade, it is necessary to look back to the past as this definitely provide a fundamental platform to understand the basic idea that is related with the International trade. It was in the 19th century, specially in Britain, belief in free trade became prominent. This particular belief showed its dominance mainly in the west. This is all the more important because the adoption of the belief actually coincided with the general decline of Great Britain. From the time of the second world war, there were several multilateral treaties that attempted to create global regulation of international trade. Most of these regulations of trade actually surfaced because of protests and discontentment where it was claimed trade resorting to unfair means and not being beneficial enough.
Most of the powerful nations support international trade theory and is backed by regulation of international trade. This is very much true in the case of mos powerful nations all the more because they engage in providing the support to those industries which have strategical importance. This may be in the form of protective tariffs or any other form. In U.S this is specially true in the agricultural sphere. Similarly the Netherlands and the UK too were strong supporters of free trade when they had economic dominance. In today's contexts the countries which are the major proponents of international theory are UK, Australia, Japan to mention a few of the many more countries involved. With the tariff levels falling drastically there is an increasing willingness to initiate the negotiation of non tariff measures that also includes foreign direct investment and trade facilitation. From traditional point of view, agricultural interests favored free trade protectionism was supported by the manufacturing sectors.
The regulation of international trade is actually done through the World Trade Organization on a global scale, and through several other regional associations with MERCOSUR in South America, NAFTA between the United States, Canada and Mexico, and the European Union between 27 independent states.
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