International Trade And Investment Partnership Essay

International Trade And Investment Partnership Essay

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As globalization integrates world markets, trade regulation has gained a centerfold in international policy discussions. Currently, debate surrounds governance of trade around the World Trade Organization. While some scholars argue that this organization has the potential to continue its expansion as the central actor in international trade, critics argue that globalization itself has made trade regulating harder by making consensus building nearly impossible. In reality, this addresses the broader theme of whether regional organizations will displace international organizations in decision making. While some argue that either one system or the other could function successfully in regulating international trade, this post will examine how the WTO could potentially benefit from agreements such as the Transatlantic Trade and Investment Partnership.
Without a doubt, the WTO has been one of the most successful examples of multilateral cooperation. The establishment of the WTO outlines the need for setting international standards on trade. In its establishment in 1995, the WTO was successful in regulating trade policy areas such as trade liberalization. Moreover, its dispute settlement has been useful in decreasing uncertainty and increasing the convergence of actors’ expectations about international outcomes. It has grown to include 161 member states all seeking to collaborate in the international market. Ultimately, the WTO has created a basis for trade and regulations areas that sovereign states could not have created in their own while providing a forum for negotiation. Additionally, its protection of the most-favored-nation treatment, reciprocity, transparency, a "safety valve" for states to attain non economic object...

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...making in the WTO while providing more effective policy for those who sign on to the deals. Ultimately, what is at stake is the coexistence of the WTO and regional agreements that mutually reinforce and benefit each other.
As far as what has been discussed, I believe that international organizations as a whole should embrace regional organizations because of the benefits that these could have in consensus building. This is no exception for the world market, which has proved to be as difficult as any other international organization to be regulated completely. While complete regulation of the market seems like a distant possibility, the coexistence of mega regional trade agreements such as the TPP have the potential for providing legitimacy for the WTO as the international organization for multilateral cooperation that it has meant to serve since its foundation.

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