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impacts of wto
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The World Trade Organization (W.T.O) is the only global international organization dealing with the rules of trade between nations. It was established and became operational on the 1st of January 1995. It is an influential organisation in the era of economic globalisation. At the heart of the Organisation are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. These agreements form the legal ground-rules for international commerce and guarantee member countries important trade rights. They are made up of a complex set of rules and principles dealing with the trade in goods and services and the protection of intellectual property rights. Their goal is to help producers of goods and services, exporters, and importers conduct their business and to improve on the welfare of the people in their member countries. According to the WTO fact file, the organisation had 151 members as of 15th November 2007. Membership to the organisation is quasi-universal and includes all the major trading partners of the world who account for over 97% of the world’s trade. About 150 members, that is two third of the countries who make up membership of the organisation are developing countries. These countries play an important and active role in the organisation not only because of their number in the organisation but also because their role in the global economy is becoming prominent as they look on to trade as crucial for their development. These countries are many and as such they are a diverse group with different views, needs and concerns. Thus the W.T.O has dealt with the special needs and concern of these developing countries, especially the least developed ones amongst... ... middle of paper ... ...ules have internal coherence and validity as evidenced by their object and purpose. Though to an extent they have served the interest of developing countries in their quest for development, they have however not operated effectively in the interest of these countries. This is because in some instances these rules appear to be inconsistent with the needs of these countries. Out of the numerous provisions on special and differential treatment, a majority of them are non-mandatory and even those classified as mandatory are rather limited in their binding character since they may considered some flexibility in their implementation. This implies a non-binding provision with formulations such as shall or might is necessarily ineffective. As such there is the need to improve on these provisions by making them binding legally to render them operational and effective.
Following the Uruguay Round of multilateral trade negotiations, The World Trade Organization (WTO) was established in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT). The WTO is an international organization that watches over trade relationships between nations dealing with goods, services, intellectual property and investments. The main function of the WTO is “to ensure that trade flows as smoothly, predictably and freely as possible” (“The World Trade Organization”). The WTO helps international cooperation by providing countries with a fair forum for resolving disputes over trade issues. Member countries bring their trade disputes to the WTO rather than acting unilaterally. The organization also strives to lower the cost of living and boost economic growth by reducing protectionism and promoting freer trade. Member countries enjoy the security the trading rules provide, but they are required to commit to opening their markets and abiding by the commitments they agreed to.
The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade. The organization deals with regulation of trade between participating countries; it provides a framework for negotiating and formalizing trade agreements, and a dispute resolution process aimed at enforcing participant's adherence to WTO agreement, which are signed by representatives of member governments and ratified by their parliaments.
-“At a time when the world trading system is supposed to be taking the interests of developing countries more seriously, the lengthening time to negotiate accession and the uncertainty created by the inadequate legal definition of the price of WTO accession are major concerns” (10)
The WTO was born out of negotiations, and everything the WTO does is the result of negotiations. The bulk of the WTO’s current work comes from the 1986–94 negotiations called the Uruguay Round and earlier negotiations under the General Agreement on Tariffs and Trade (GATT). The WTO is currently the host to new negotiations, under the ‘Doha Development Agenda’ launched in 2001.Where countries have faced trade barriers and wanted them lowered, the negotiations have helped to open markets for trade. But the WTO is not just about opening markets, and in some circumstances its rules support maintaining trade barriers — for example, to protect consumers or prevent the spread of disease.
The Uruguay Round in 1993was created to further reduce trade barriers. The result was the creation of the World Trading Organization (WTO). The main goal of the WTO is to police the international trading system. The data that the WTO has kept states that the volume of world trade has grown consistently faster than the volume of world output since the 1950’s. Two other types monitoring policies are the International Monetary Fund (IMF) and the World Bank. The IMF is an international institution set up to maintain order in the international monetary system. The World Bank in defined as an international institution set up to promote general economic development in the world’s poorer nations.
Working Group on the WTO/MAI. “A Citizen’s Guide to the World Trade Organization” (July 1999): 1-28
The Self-Description – “The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.” (1) For more information see: http://www.wto.org/english/res_e/doload_e/inbr_e.pdf
In an interview in 1999, Martin Khor, the director of the Third World Network and the author of Malaysian Economy: Structures and Dependence, says that the WTO is an organization dominated by powerful nations, where key decisions are usually made in informal meetings in which only a few rich countries are invited (Khor). Then, agreements are announced that poor countries did not know were being discussed. Many developing countries do not have the capacity to follow the negotiation and participate actively. This seriously disadvantages those countries from representing their interests. President Obama promises developing countries joining the TPP that their voice would be heard frequently. This indeed will help those nations to act in their best interest better than passively following the WTO’s
The most widely cited reason for China’s push to join is to keep the process of reform going. In many ways, the WTO membership was the best way for China to hold economic growth. The world economy has become much more complex and interdependent, and China's participation - based on the rules of international trade - was essential for China and for the rest of the world.
It is very important that developing countries, share in the growth and expansion that international trade can bring to them. The W.T.O. agreement recognizes the importance of how international trade can boost the economics of third world countries. In the recent economic crisis that affected us on a global scale the decline of exports in developing was smaller than those of developed country. Not all countries do or are able to participate equally in international trade because they may suffer from political and/or economic uncertainties. Asia and the US are leaders among the import/export trade while Africa, Latin America and the Middle East are minor contributors in the world trade
The World Trade Organization (WTO). The World Trade Organization is one of the intergovernmental organizations that help to regulate international trade (Schaffer, Agusti, & Dhooge, 2014, p. 8). The organization also helps oversee the application of international property rights law.
International trading has had its delays and road blocks, which has created a number of problems for countries around the world. Countries, fighting with one another to get the better deal, create tariffs and taxes to maximize their profit. This fighting leads to bad relationships with competing countries, and the little producing countries get the short end of this stick. Regulations and organizations have been established to help everyone get the best deal, such as the World Trade Organization (WTO), but not everyone wants help, especially from an organization that seems to help only the big countries and those they want to trade with. This paper will be discussing international trading with emphasis on national sovereignty, the World Trade Organization, and how the WTO impacts trading countries.
WTO (2007) World Trade Report 2007 of International Trade Cooperation. Sixty Years of the Multilateral Trading System: Achievements and Challenges
The WTO was formed on first January, 1995 to deal with liberalize global market. This organization replaced an old organization which formed immediately after the World War II to address the economic challenges which the world was facing that time after the war. These challenges are; unemployment, unfair trade, investment challenges and disputes among different nations. This organization was called international trade organization. It was formed alongside other global development agencies i.e. international monetary fund and the World Bank. These two i.e. World Bank and IMF focused on development agenda and ITO on trade. However, ITO did not get the approval of few nations so that to become a global organization under the United Nations that was purely to dealing with trade (McMichael ,22). Due to lack of global appeal and approval, the ITO went under, and General Agreement on Tariffs and Trade (GATT) replaced it. This is because the GATT seems to be an easy way to get global appeal and it could deal with the current events without manipulation from any or...
International organizations create space for its members to coordinate interests and actions which helps promote interdependent relationships among them and strengthens their legitimacy. As society has progressed, it has globalized, and in the past 50 years states have had to address their growing dependence, especially in the economic sector. The World Trade Organization (WTO), is an institution which has an immense impact on the international political economy and the way states function within the international system. It organizes agreements and treaties which govern how its members decide policies, tariffs, and keeps states accountable for their actions. For example, the General Agreement on Tariffs and Trade (GATT), determines how states can regulate their import and exports. (Hurd 2014,