The Advantages And Disadvantages Of The World Trade Organization

The World Trade Organization, also known as the WTO, is an organization whose goal is to regulate and open trade among other nations (World Trade Organization). Also, the intention of this organization is to minimize trade barriers and establish rules for trade all over the world (Pulsipher & Pulsipher 37). The World Trade Organization was founded on January 1, 1995. This organization was created preceding the post war General Agreement on Tariffs and Trade, also known as, GATT (World Trade Organization). There are currently 164 countries who are members. 117 of these members are still developing countries (World Trade Organization). The headquarters is located in Geneva, Switzerland. The three main languages for this organization is English, Spanish, and French (World Trade Organization). The World Trade Organization is an important organization that affects trade all over the world. The purpose of the WTO is to ensure that trade is being run efficiently and as smoothly as possible (World Trade Organization). This

First, nations receive low tariffs and few trade barriers. With this, every nation in the World Trade Organization must be treated the same (The Balance). No nation gets a benefit over another nation. Every nation receives the same treatment. Secondly, since the nations have a small number of trade barriers, they can make more money because they can have a bigger market for their goods. More goods are sold, which increases sales and more jobs (The Balance). Lastly, more than three-fourths of the countries in the World Trade Organization, are developing (The Balance). This helps the countries have easy access to developed markets. They can have access to these markets at low rates. They are not pressured into catching up with other nations because of this (The Balance). The World Trade Organization has many perks for its