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Disadvantages And Disadvantages And Challenges Of The World Trade Organization

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World Trade Organization World Trade Organization signed by 123 nations on April 15, 1994. In Marrakesh, Morocco held the Uruguay Round of GATT Council of Ministers decided to set up a more global WTO, established in 1947 to replace GATT. WTO is one of the most important international economic organizations, with 162 member countries, total trade of Member States up to 97 % of the world; it also called the economic United Nations. This 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 main objective of this organization was to help promote…show more content…
Moreover, this system can boom the market economy development and have better living standard. However, there are some disadvantages of WTO was on China’s weak industries is a serious challenge. If you do not speed up the pace of reform, these industries will face the danger of being eliminated. With the further expansion of the market, a substantial concessional tariffs, foreign products, services and investment there may be more to enter the Chinese market, some domestic products, enterprises and industries will inevitably face more intense…show more content…
People from different school argue that the GATT extended rights and obligations to countries who were not formal members of the regime. They say that inclusive of these members with “institutional standing,” the GATT considerably abetted trade expansion in the post-World War II period, this lead to development to further arguments in two ways. First, it focuses specifically on the impact of the WTO. Establishment of the formal organization helps govern trade and covering vast issues which are now covered end the regime. Now the question arises about its consequences related to trade between members both new and old. Second it’s about particular in examining how developing countries have charged under the regime, differentiated by membership of their timing. The categorization of being“standing members,“early adopters,” and “later entrants” is because of the increasingly complexity. Under previous GATT regime trade negotiation rounds emphasized the diminution of barriers at the border just because members bargained over tariff rates and relatively less attention was directed toward compatibility of domestic laws with WTO
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