The Trade Of The World Trade Organization Essay

The Trade Of The World Trade Organization Essay

Length: 1313 words (3.8 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

The World Trade Organization was established in the year 1995 that is made up of 135 countries with three quarters of them listed as developing countries. The WTO has a priority to make trade freer through global trade agreements that are enforced and negotiated amongst the members. With the main principle of non-tolerated discrimination, the organization’s goals further include the success in better living standards and full employment for its members. The negotiations on agreements are based on a mutual consensus of decisions (Oxfam 1999, 12). Some of these trade agreements that have an impact on developing countries are the Trade-Related Aspects of Intellectual Property Rights and Application of Sanitary and Phytosanitary Measures. The implementation of these WTO agreements are costly due to their requirements of, “purchasing equipment, training people, establishing institutions... An entire year’s development budget is at stake in many of the Least Developed Countries” (Blouin 2002, 519). In addition to these costs, the WTO agreements impose barriers and accessibility of affordable necessities for developing countries.
The TRIPS agreement consists of a set of regulations for intellectual property. Some of these practices of the rules include “compulsory licensing”, where there is a twenty-year patent for production of drugs and domestic production must be authorized by the patent holder as well as “parallel imports”, where countries search for the least costly licensed producer rather than the patent holding country of a drug to buy from (Oxfam 1999, 17). In developing countries, “less than 10 percent of the population is covered by health insurance, and more than 60 percent of the cost of drugs are paid for directly by pati...


... middle of paper ...


...ll 1869, 3).
Developing countries must find their own path towards eradicating poverty. They must position themselves strategically amongst others in the globally connected economy by being selective on what is beneficial to adopt and implement in their own nations without being machines for the elite and influential powers of the twenty-first century. Developing countries must be aware that economic growth alone does not lead to human prosperity. However, there is a correlation between both economic and human development. The failure of one is the failure of the other. With poverty in human health and education leads to inability of effective production, which hurts the economic growth and vice-versa. There is no one solution to the broad and persistent poverty levels, however the selection of the best fitting for each country’s unique environment is the answer.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

World Trade Organization ( Wto ) Essay

- As discussed above, TPP’s primary objective is to incorporate all negotiating participants under one free trade agreement, which will eliminate tariffs and non-tariff barriers to goods, services, and agriculture. This sounds just like many other trade agreements we already have, such as WTO, NAFTA, APEC, and ASEAN. However, the U.S. still feels the need to support the TPP because they think the TPP would bring economical and geopolitical benefit in the long run, which existing trade agreements cannot provide....   [tags: International trade, World Trade Organization]

Better Essays
1255 words (3.6 pages)

The World Trade Organization Or World Fair Trade Organizations Essays

- The World Trade Organization or World Fair Trade Organization. The recalibration for the WTO At the turn of the 20th century, the WTO helped create prosperity through globalisation and trade liberalisation. After WW2, it was clear that the world required rebuilding to prevent conflict related to resource access and to create prosperity. The main challenge at the time was economic despair. The Bretton Wood Conference gave rise to the IMF, The World Bank, GATT and later the WTO to solve these challenges....   [tags: World Trade Organization, International trade]

Better Essays
942 words (2.7 pages)

World Trade Organization ( Wto ) Essay

- INTRODUCTION According to the Preamble of the Marrakesh Agreement (1994), World Trade Organization (WTO) was originated to create an open market without barriers and discriminations and principally intended to promote sustainable development and protect environment. The environmental measures set out in line with its influence on trade and itself relationship with trade measures in respect of sustainable development . Although the protection of environment is stated as WTO’s fundamental goal, the WTO itself is ‘not an environmental agency’ ....   [tags: World Trade Organization]

Better Essays
1424 words (4.1 pages)

A Brief Note On Article Xii Of The World Trade Organization Essay

- According to article XII of the World Trade Organization “WTO” agreement, “Any state or customs territory having full autonomy in the conduct of its trade policies is eligible to accede to the WTO on terms agreed between it and WTO Members”. If a country is capable of joining this organization, can help them to become developed, if they are not. World Trade Organization’s efforts help sustain a constantly changing economy, not perfect, but it does help balance of world trades. In my opinion, section three, stimulate economic growth and employment, also the fourth section, cut the cost of doing business internationally, has some great ideas about how we can help the average workers, making tr...   [tags: International trade, World Trade Organization]

Better Essays
831 words (2.4 pages)

Case Study : The World Trade Organization Essay

- Name: Shane Cunningham Assignment: HW 2 1) What is the WTO. Where is the WTO headquartered, who makes up the WTO and how many are there. How was the WTO established; what preceded the WTO and by what "mechanism" was it established. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The WTO is made up of two agreements which are negotiated and signed by the majority of the world’s trading nations. The main purpose is to help producers of goods and services, exporters, and importers conduct their business on a global scale....   [tags: World Trade Organization, International trade]

Better Essays
1658 words (4.7 pages)

The World Trade Organization And Its Chief Function Essay

- The World Trade Organization or WTO, is an international organization and its chief function is to open trade in order to benefit all countries in membership. According to the WTO’s website, “The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.” Established on January 1, 1995, the WTO remains the only global international organization which deals with the rules of trade between nations....   [tags: World Trade Organization, International trade]

Better Essays
1245 words (3.6 pages)

Essay about The World Trade Organization

- The World Trade Organization Nobody will deny if I say that in our modern world it is very important to control the relationship between different countries. There are different organizations nowadays. They control different aspects of our everyday life. I would like to speak about world trade organization. It deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. First of all I would like to give some facts about the creation and location of WTO....   [tags: WTO World Trade Organization]

Free Essays
1741 words (5 pages)

What Is The World Trade Organization? Essay

- What is the World Trade Organization. The world trade organization (WTO) is an trade organization that deals with the global rules of trades between nations. It is a forum for the government to negotiate trade agreements, to settle disputes, and a solve trade problems between countries. (Investopedia & wto) How was the World Trade Organization founded. The WTO began in January 1, 1995. It has made from a revision of a previous trade organization the General Agreement of Traiff and Trade (GATT)....   [tags: International trade, Free trade]

Better Essays
1921 words (5.5 pages)

The World Trade Organization Organizations Essay examples

-     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)....   [tags: General Agreement on Tariffs and Trade]

Better Essays
1327 words (3.8 pages)

The World Trade Organization Essay

- he origin of the world trade organization goes way back to 1947 as the original intention was to create a third another institution that could handle the trade side of international economic cooperation. 50 countries were in participation to create the International Trade Organization (ITO) which would be an specialized agency of the unaired nations. The main purpose was to create the ITO at a UN conference on trade and employment in Havana, Cuba in 1947. However 15 countries were in talks on December 1945 to decrease and attach custom tariffs....   [tags: International trade]

Better Essays
1104 words (3.2 pages)