World Trade Organization ( Wto ) Essay

World Trade Organization ( Wto ) Essay

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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.
First, on the global scale, we have the World Trade Organization (WTO) that has been around since 1995. While the WTO is doing a good job at enhancing the quality and quantity of trade, promoting sustainable trade development, and putting an end to trade and non-trade barriers, it still receives a few critiques ("World Trade Organisation (WTO)").
According to skeptics, developed countries benefit more from the WTO than developing countries do. In an interview in 1999, Martin Khor, the director of the Third World Network and the author of Malaysian Economy: Structures and Dependence, says that the WTO is an organization dominated by powerful nations, where key decisions are usually made in informal meetings in which only a few rich countries are invited (Khor). Then, agreements are announced that poor countries did not know were being discussed. Many developing countries do not have the capacity to follow the negotiation and participate actively. This seriously disadvantages those countries from representing their interests. President Obama promises developing countries joining the TPP that their voice would be heard frequently. This indeed will help those nations to act in their best interest better than passively following ...


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...tside the association, including four TPP participants; this appears to be a challenge to the States’ economic influence with the region. Therefore, the TPP can bring significant economic benefits to the U.S. (Williams).
Furthermore, the TPP can bring benefits not only to the U.S. but also to 4 other participants. Vietnam, Singapore, and Malaysia are known for some of the world’s highest tariffs against foreign business. In fact, Singapore has been gaining benefits from protectionist policies (Marston). The most possible explanation why those countries are changing now is that they can see some benefits gaining from the TPP. For example, lowering tariffs will expose domestic industries to increased competition from overseas investors, but ultimately these structural reforms will set Vietnam’s economy on stronger ground and promote innovation in local firms (Marston).

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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]

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