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Discuss the role of the world trade organisation (WTO) in the 21st century in global trading - Essay Example

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It gives a detailed description of what they are, their roles and importance in international trade. This essay also gives a detailed summary of how they deal with issues to ensure smooth…
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Discuss the role of the world trade organisation (WTO) in the 21st century in global trading
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Download file to see previous pages The world trade organization is a global international body that deals with the rules of trade between countries. It was established in 1995 with the Marrakech agreement, which was signed by 123 countries (Jones, 2015). Its main objective is to provide the framework for negotiation between participating countries during the trade. It also regulated trade rules and regulations between member states to ensure smooth running of trade activities. It is run and managed by its member governments and the members normally make all major decisions as a whole. The member states send their representatives who help in making decisions on behalf of their countries. The representatives of the member states meet after every two years to make major decisions regarding the running of the organization. The ambassadors and delegates of the member states are expected to meet regularly for decision making whenever necessary in Geneva. The world trade organization is managed by the Secretariat, which has skilled experts in all sectors of the economy who assist in the smooth running of sector’s specific tasks (Schefer, 2010).
The world trade organization has many roles, objectives, and functions, which make it important in international trade (Ahearn & Fergusson, 2010). The first role of this noble body is to conduct and manage implementation, operation, and administration of the agreements covered in their constitution. The world trade organization is supposed to oversee the formation of trade agreements, their implementation, their administration, and their operation (Sampson, 2005). It also ensures that member states lower their tariffs and remove other barriers that restrict free trade between countries. This helps countries to conduct trade freely without many challenges.
The next role played by the world trade organization is to provide forums for business negotiations and settling of disputes between member states (Alexander & Andenæs, 2008). Although ...Download file to see next pagesRead More
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