International Free Trade Coalition
Koalicio Internacia Libera Komerco (in Esperanto) | |
 | |
| Formation | 26 October 2020 |
|---|---|
| Type | International trade organization |
| Purpose | Reduction of tariffs and other barriers to trade |
| Headquarters | Kartago, Nova Kartago |
Region served | Worldwide |
Membership | 30 member states |
Official languages | English, Esperanto |
| Livius Sergius | |
| Website | IFTC.org |
The International Free Trade Coalition (IFTC) is an intergovernmental organization that is concerned with the regulation of international trade between nations. The IFTC officially commenced on 26 October 2020. It is one of the largest international economic organization in the world.
The IFTC deals with regulation of trade in goods, services and intellectual property between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to IFTC agreements, which are signed by representatives of member governments and ratified by their legslatures. The IFTC prohibits discrimination between trading partners, but provides exceptions for environmental protection, national security, and other important goals.
The IFTC's current Head of Council is Livius Sergius, who leads a staff of over 600 people in Kartago, Nova Kartago. At the 1st IFTC Conference, held in Nova Kartago in late October/Early November 2020, IFTC members agreed that the organisation would support a joint anti-piracy force. This Maritime Security Force is made up of contributions from member state navies, and is headquartered in Elizabeth City, in Ibica.
Functions
Among the various functions of the IFTC, these are regarded by analysts as the most important:
- It oversees the implementation, administration and operation of the covered agreements
- It provides a forum for negotiations and for settling disputes.
Additionally, it is IFTC's duty to review and propagate the national trade policies, and to ensure the coherence and transparency of trade policies through surveillance in global economic policy-making. Another priority of the IFTC is the assistance of developing, least-developed and low-income countries in transition to adjust to IFTC rules and disciplines through technical cooperation and training.
- The IFTC shall facilitate the implementation, administration and operation and further the objectives of Multilateral Trade Agreements, and shall also provide the framework for the implementation, administration and operation of the multilateral Trade Agreements.
- The IFTC shall provide the forum for negotiations among its members concerning their multilateral trade relations in matters dealt with under the Agreement in the Annexes to this Agreement.
- The IFC shall administer the Understanding on Rules and Procedures Governing the Settlement of Disputes.
- The IFTC shall administer Trade Policy Review Mechanism.
The above four listings are the additional functions of the International Free Trade Coalition. As globalization proceeds in today's society, the necessity of an International Organization to manage the trading systems has been of vital importance. As the trade volume increases, issues such as protectionism, trade barriers, subsidies, violation of intellectual property arise due to the differences in the trading rules of every nation. The International Free Trade Coalition serves as the mediator between the nations when such problems arise. IFTC could be referred to as the product of globalization and also as one of the most important organizations in today's globalized society.
The IFTC is also a centre of economic research and analysis: regular assessments of the global trade picture in its annual publications and research reports on specific topics are produced by the organization.
Organizational structure
The highest authority of the IFTC is the Executive Council, which must meet at least once a year. The Executive Council Consists of the following positions:
- Head of Council, currently Livius Sergius of Nova Kartago
- Chief Executive Officer
- Responsible for administration and administration along with the Head of Council.
- Responsibilities include the decision maker on strategy and key economic issues.
- Approves the acceptance of the files of new members.
- Chief Information Officer
- Executives work with information technology and computer systems to support enterprise goals.
- Chief Operating Officer
- The second in leadership in the organization to assist the Head of Council and Chief Executive Officer, has the same powers and approves the acceptance of the files of new members.
- Chief Financial Officer
- Responsible for financial planning, financial risk management, record keeping and data analysis.
- Chief Reputation Officer
- Responsible for reputation, branding, public relations, internal and external communications.
Decision-making
The IFTC describes itself as "a rules-based, member-driven organization—all decisions are made by the member governments, and the rules are the outcome of negotiations among members".