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...
... middle of paper ...
...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.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- 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]
1255 words (3.6 pages)
- 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.... [tags: General Agreement on Tariffs and Trade]
1113 words (3.2 pages)
- ... They also agreed to mutually have control over food production so that everybody had enough to eat. • 1980-1989 In 1981, Greece becomes the tenth member of the EU and Spain follows soon after. In 1986 the Single European Act is signed which intended at arranging out the problems with the free flows of trade between Eu countries. In 1989, the Berlin Wall was demolished and the border for East and West Germany are opened which later are united in 1990. • 1970-1979 Denmark, Ireland and United Kingdom join the EU raising the number to nine.... [tags: rules, trade, goal, services, business]
2642 words (7.5 pages)
- The World Trade Organization (WTO) is a group of nations that set up trade agreements among each other regarding their trade. WTO is intended to help nations easily trade with each other and it operates of rules established by the WTO. Many nations participate in the WTO and have benefit a lot in economic growth as the world becomes more globalized. It helps business export and trade with other businesses beyond their national borders. The WTO was founded in 1995 and based out of Geneva Switzerland.... [tags: Doha Development Agenda]
551 words (1.6 pages)
- Labor and the World Trade Organization (WTO) Seven years of trade negotiations at last gave birth to the World Trade Organization (WTO) in 1995, the U.S. labor movement was one of its leading skeptics. A world trade organization, labor supporters argued, would only accelerate the headlong rush to laissez-faire by dismantling national regulations. It would overwhelm attempts by nations to defend living standards and the ability of unions to fight for wages and health and safety laws—and it would make it harder for nations to defend the rights of workers to join unions.... [tags: Business Economics Globalization]
3407 words (9.7 pages)
- 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]
1741 words (5 pages)
- The World Trade Organization (WTO) and the International Monetary Fund (IMF) Before I took this class I would have never fathomed the fact that an organization such as the World Trade Organization (WTO) existed. I’m interested in the fact that the whole world takes part in the WTO’S dealing with rules of trade between all of the different nations. The World Trade Organization is located in Geneva Switzerland with about 147 countries in association with the organization. It was established on January 1st 1995 in an effort to forum for trade negotiations, handle international trade disputes, and monitor national trade policies and administering WTO trade agreements.... [tags: Globalization World Trade]
430 words (1.2 pages)
- According to article XII of the 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, it can benefit their country as well. World Trade Organization’s efforts help sustain a forever 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 trading simpler, plus help those who fell belo... [tags: International trade, World Trade Organization]
722 words (2.1 pages)
- 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]
942 words (2.7 pages)
- Protest Against the WTO in Seattle The people assembled in the streets of Seattle were labor unionists and environmentalists, lumber workers and forest activists, students and teachers, farmers and cheese makers, Germans and Ukrainians, Africans and Asians, North Americans and Latin Americans, gays and straights, human rights activists and animal right activists, indigenous people and white urban professionals, children and elders. Some wore business suits, some overalls, some wore sea turtle costumes, some leather and piercings, some wore almost nothing at all (Reed 2005).... [tags: World Trade Organization Protesting Essays Papers]
2231 words (6.4 pages)