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Transformation of the GATT to the WTO in 1995 is successful. The Members comply the WTO's concessions and other obligations more than the former GATT. The WTO Members are the utility-maximizers. Transaction costs are critically reduced in the multilateral tables in the WTO. However, the WTO is soft to retaliate their agreements; therefore, the effectual sanctions may not result to chill the Members to comply the multilateral rules. The game theory in the WTO is to know how the Members behave followed by their self-interested choices under their bounded rationality. The natural difference...

The World Trade Organization (WTO) is the multilateral negotiation housed by the Most Favoured Nation and National Treatment in fairness accounts. However, the WTO encourages forming bilateralism of the Preferential Trade Agreement (PTA), or Free Trade Area (FTA) in the GATT Article 24. Bilateralism within multilateralism is incompatible. The book finds what the genesis of the PTA; if it is the special law (lex specialis) to the WTO law or the post law (lex posterior) after the WTO. The view of lex specialis has more room to be compatible with the WTO. The view of lex posterior increases the...