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World trade Organization - Essay Example

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The world trade organization (W.T.O) is an international organization, which deals with rules and issues of trade between nations. Since its formation, the world trade organization has initiated trade agreements. …
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World trade Organization
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World trade Organization

Download file to see previous pages... The organization has the primary goal of necessitating business between producers, exporters, and importers of services and goods. This paper seeks to describe a number of aspects concerning the WTO. The paper will discuss the development of the W.T.O, when it developed, and interests, which supported its development. The paper will also focus on how the organization related to changes in the transnational flows of production and investment. In addition, the paper will address this organization developed as part of the broader network of transnational institution. The paper will also focus on the impact of world trade organization’s transnational regulation on equality and democracy within domestic states.
The development of the world trade organization
The world trade organization came into being in 1995. After the Second World War, organizations to deal with trade, such as General Agreement on Tariffs and trade were formed. The last talks of the General Agreement on Trade and Tariffs gave birth to the world trade organization. The WTO carried on with the negotiations initiated by the GATT. The world trade organization developed to end trade discrimination and enhance multilateral trade among nations. Thus, the General Agreement on Trade and Tariffs contributed to the formation of the World trade organization (Aturupane 2000, p. 350).
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As a result, nations realized that GAAT did not have the appropriate answers to the complex nature of global trade. This saw the formation of the WTO following a series of negotiations referred to as Uruguay Round (UR). Interests which supported the development of WTO. Aturupane (2000, p. 351) observes that a number of interests supported the development of the World Trade Organization. These interests have to do with the improvement and enhancement of global trade within nations. One of the interests, which supported the formation of the WTO include the desire to increase trade in goods as well as services. Intellectual property rights also formed part of the reasons as to why the international organization came into being. Interests to enhance trade in agricultural goods also reinforced the formation of WTO. Other organizations such as GATT had minimal trade in agricultural goods. As a result, the World Trade Organization came into being to improve trade activities in agricultural goods. Non discrimination in trade activities also enhanced the development of WTO. Before its formation, countries saw the need to address the issue of non discriminatory trade agreements. On this regard, WTO had to be formed to eradicate discrimination in the imposition of tariffs. This could see an end to trade barriers within member states. The MFN principle ensured that WTO had the mandate to ensure eradication of trade barriers. Under this principle, a country cannot impose tariffs on other member states based on discrimination. Non discrimination became the basis of multilateral trade regimes (Janow et al 2008, p. 145). Dispute settlement can be regarded as an interest as to why the WTO came into existence. Before its development, dispute ...Download file to see next pagesRead More
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