Differentiation of Developed, Least Developed and Developing Countries under WTO Trade Regime - Dissertation Example

By the end of the Second World War, the global community realized that international trade practices were required function within a multilateral framework. After the Great Depression of the late 1920, and the early 1930s, the major trading countries had imposed a set of trade protection measures which had impeded the smooth flow of international trade. This time, the countries did not want to commit the same mistake. They realized the requirement of a multilateral standard in the arena of international trade.

The nations also realized that promoting international trade was one of the methods to rectify the destruction caused by the Second World War. Global trade could play a significant role in stimulating economic development in countries across the world. These requirements urged the global community to establish the WTO which was solely dedicated to formulate laws, supervise practices and settle disputes in matters relating to international trade. Presently, 150 countries from around the world are members of the WTO.

The reason behind the popularity of the organization among countries could be that the WTO is the only multilateral institution which directs its efforts towards creating a completely interdependent global economy. The basic objective of the WTO is to implement the increased liberalization of international trading practices, because the organization believes that countries can promote their own economic development by engaging in the worldwide trading of