Essay on World Trade Organization And The Wto

Essay on World Trade Organization And The Wto

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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 peace and provided more choices of products and qualities to the countries. This system helps to keep the countries more stable. In addition, it improves the employment rate which stimulates economic growth of system.
To have a stable economic, there are five functions to work well for this system. First was the management function, it was responsible for trade policy and regulation of the member states to monitor and manage regularly reviewed to ensure its legitimacy. Another function is organizational function which is to achieve the stated objectives of the agreements and protocols; moreover, WTO is also entitled to organize the implementation of various trade agreements and their jurisdiction, and to take active and effective measures. Next one is the coordination functions; to coordinate their relations with the IMF and the World Bank and other international organizations and institutions, in order to ensure global economic decision-making consistency and cohesion. In addition, the ad...


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...uct of their external commercial relations.
WTO is an emergent fore in today’s world having different roles. Those include trade agreements, assistance to developing countries, and settling disputes these are few roles that the WTO plays to ensure the member countries are able to perform functions effectively and efficiently in the world of global trade. WTO provides structured system ensuring smooth functioning of global trade. Certainly, the WTO has its opponents who fervently oppose the institution. Moreover some members are benefiting more from the WTO than others. The industrialized countries seem to be flourishing in global trade through the WTO but others, appears to be exploited by the WTO. Since it has only been functioning in the capacity that it does today since 1995, it is too early to say whether or not the WTO will be beneficial to global trade.

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