Gilpin observed that the establishment of the World Trade Organization (WTO) on January 1, 1995 as the principal forum for trade liberalization marked the biggest reform of the international trading system since the end of the Second World War. In this paper, I will provide an analysis of the evolution of the international trading system from its inception as the General Agreement on Tariffs and Trade (GATT) to its incarnation as the World Trade Organization (WTO), taking into account the changing international economic environment and political realities.
Impacts of WTO on Trading Countries 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.
China and the WTO Agricultural Challenges after its Accession to WTO Who is really benefiting from it? The membership of Taiwan Province of China in the International Monetary Fund and the World Bank in the early 1980s contributed to ending China’s isolation of its economy from the world. By 1986, China had started lobbying to be readmitted to the General Agreement on Tariffs and Trade after it had left it in 1949 when the People’s Republic of China was founded. As the result of 15 years of laborious negotiations, on December 11 2001, China officially became the 143rd member of the World Trade Organization, and while an economy as large as China can cause commotion for developing countries in the short run, it must also be noted that it should benefit China’s trading partners in the long run.
This observation from Jeffery Schott of the Institute for International Economics captures the essence of the China-World Trade Organization debate in America and the world today. China’s unprecedented economic growth has put it at the forefront of the US trade agenda. America’s is the biggest economy and China’s is the most populous nation, in terms of sheer number of people. To conjoin these two great international forces in a more complete way than the previous, bilateral agreements have would be of immeasurable value to both countries. Just in the past two weeks, China and the United States concluded their much-anticipated bilateral trade agreement, which paves the way for China’s accession intro the WTO. Concurrently, the United States has some domestic issues to resolve regarding its trade relationship with China before China can become a universally accepted member. The organ that embodies this global trading order is of course the World Trade Organization, or WTO. As we will see in greater depth later in this paper, the United States has a crucial, one could say pivotal, role in allowing China to be totally accepted into the world economy.
Before I took this class I would have never fathomed the fact that an organization such as the World Trade Organization (WTO) existed. I’m interested in the fact that the whole world takes part in the WTO’S dealing with rules of trade between all of the different nations. The World Trade Organization is located in Geneva Switzerland with about 147 countries in association with the organization. It was established on January 1st 1995 in an effort to forum for trade negotiations, handle international trade disputes, and monitor national trade policies and administering WTO trade agreements. I feel that this organization is very necessary because the world definitely needs the kind of formal order that the WTO gives regarding trade issues.
The Good, The Bad, The WTO On May 19,1948, the General Agreement on Tariffs and Trade or GATT was created. This was not an international organization but an inter-governmental treaty. This provided the framework for the conduct of international trade. But this expanded and grew yearly and in April 1994, in the Uruguay Round of Multilateral Trade Negotiations expanded on the GATT and created the World Trade Organization or WTO.
Ianchovichina, Elena, and Will Martin. "Trade Liberalization in China's Accession to the World Trade Organization." Google Books. World Bank Publications, June 2001. Web. 23 Apr. 2014.
For over a decade, China’s economy has experienced some dynamic changes, especially with the transformation of their labor market. China’s entry into the World Trade Organization (WTO) in 2001 was a significant event because it symbolized to the global community their country was a competitive trading par...
Regulating international trade to be free from tariffs, the WTO helps rich countries such as China to benefit greatly through exporting products, but deeply harms poor-developing countries that receive those products. Initially, tariffs were expensive and raised the ...
Morrison, Wayne M. "China and the World Trade Organization." Congressional Research Service (CRS) Reports and Issue Briefs. Congressional Research Service (CRS) Reports and Issue Briefs, 2002. Academic OneFile. Web. 3 Oct. 2011.