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Aid for trade is beneficial for developing countries but disadvantageous for firms in the developed world - Coursework Example

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Economic growth is a powerful tool in ensuring economic prosperity.Many nations indulge in international trade to expand their market, ensure trade growth and poverty reduction. International trade is enhanced through free trade and abolition of trade barriers. There is a lot of…
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Aid for trade is beneficial for developing countries but disadvantageous for firms in the developed world
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Download file to see previous pages The guidelines are monitored and implemented by the WTO. Some of the International trade organizations include; the Uruguay round of trade, the OECD and the Irish fair trade network. An example of an anti-globalization movement is the global justice movement which is against organizations such as WTO and OECD which promote globalization.
Aid for trade was meant to assist developing countries to expand their trade in order to eradicate social problems such aspoverty and poor firm performance. The objective of the international community constitutes mobilizing resources to address trade constraints among the LCDs to help them streamline their trade. However, most of the third world nations such as African countries do not have the capacity of undertaking large infrastructural projects on their own without capital funding from developed nations. On the other hand, firmsfrom developed nations benefit from offering aid for trade to developing nations because they increase their market share and at the same time they may be given mining rights as a favor in return (Wilkinson,2010). In general, firms from the developing nations tend to benefit more while giving aids while third world countries tend to be more economically unstable and dependent, always waiting to be given donations.
International trade to beneficial to both trade partners; this explains the reason why it is largely embraced. Unfortunately, most exports from developing nations are agricultural-based, for example, tea that often faces unfavorable terms of trade whereby the income generated from exports is less than the import payments (Berndt, 2013). This results in situations where third world nations accumulate huge foreign debts with firms from developed nations. The balance of payments for developing countries is always a deficit, making these countries even more economically unstable. This clearly reveals that though there are rules on ...Download file to see next pagesRead More
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