Nobody downloaded yet

Whether It Really Helped Less-Developed Nations To Get Its Share In The International Trade - Essay Example

Comments (1) Cite this document
‘The World Trade Organisation (WTO) and its predecessor the General Agreement on Tariffs and Trade (GATT) “was mainly established to promote international commerce without any barriers. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.7% of users find it useful
Whether It Really Helped Less-Developed Nations To Get Its Share In The International Trade
Read TextPreview

Extract of sample "Whether It Really Helped Less-Developed Nations To Get Its Share In The International Trade"

Download file to see previous pages Further there has been substantial reduction in average tariffs as evidenced by industrial nations under the auspices of the GATT that has minimised their average tariff to just 4.5% as of today from that of 15% in 1947.( Subramanian & Wei 2003:3).
WTO is regarded to be an international organisation and not just an association of Western trading countries. It is a genuine multilateral organisation with official legal standing as a global institution and official diplomatic standing for its secretariat. Its exhaustive rules and its binding nature and automatic dispute settlement system that would confer it as one of the most lawful global organisations in the globe. WTO’s rules were flaunted as covering “international commerce” interpreted more widely than in the past, and it is not only dealing in trade in goods unlike its predecessor GATT but also covers the trade in services , investment , intellectual property , environmental and other economic issues now. WTO rules were chiefly of laissez-faire, assuring to enhance social welfare, standards of living and gross domestic product internationally and in each member nation. (Barton et al. 2006).
According to Kee et al (2009), concrete evidence is available that there is a surge in national income through international trade. Many earlier research studies have found that nations that are more open seem to be prosperous. Romer (1999) study found that between 105 nations in 1985, there had been increased trade over GDP ratio that augments income per capita. Recent research by Chang et al, (2009) and Freund & Bolaky (2009) also confirm the earlier findings that trade liberalisation enhance the income of nations. (Vijil 2011:2). However, developing countries are vehemently denying that their economies never enjoyed any benefits due to trade liberalisation. Despite of WTO liberalisation, rich nations are still dominating the trade by offering subsidiaries to their farmers and for certain products. Thus ,this research essay will study in detail whether GATTS AND WTO- really helped less-developed nations to get its share in the international trade or not. WTO AND ITS IMPACT ON INTERNATIONAL TRADE Immediately, after the Second World War, there had been rapid development of international commerce due to industrial revolution, and this has been a chief instrument to the ever increasing internationalisation of global economy. In the post-1945 era, international commerce has attained a rapid growth which is estimated at more than twice the rate of economic growth especially from the 1980s onwards, pushed by multilateral relaxation under consecutive General Agreement on Tariffs and Trade, which is famously known as GATT Rounds of trade negotiations. (Perdikis & Read 2005:1). A significant outcome to ever increasing freeing of international trade is that it is carried over as per the acknowledged rules framed under the aegis of the GATT and later the WTO (the World Trade Organisations). Both GATTS and WTO have a built in system to deal with international business disputes emanating between Member nations and to implement the accepted rules in an unbiased manner. (Perdikis & Read 2005:1). International trade was at its puppetry stage in the late 1980s due to the absence of dispute settlement mechanisms to find solutions to trade disputes. Further, liberalisation of trade is possible due to the extension of most-favoured nations (MFN) status to all ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Whether It Really Helped Less-Developed Nations To Get Its Share In Essay”, n.d.)
Retrieved from
(Whether It Really Helped Less-Developed Nations To Get Its Share In Essay)
“Whether It Really Helped Less-Developed Nations To Get Its Share In Essay”, n.d.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
mafalda16 added comment 9 months ago
Student rated this paper as
Wonderful paper! Used it to complete an assignment for a law course. It was easy as ABC, for the first time in my life.

CHECK THESE SAMPLES OF Whether It Really Helped Less-Developed Nations To Get Its Share In The International Trade

International Trade

...? International Trade International trade has expanded rapidly in last few decades. A growing international trade benefits to the consumers as they get the goods at the lowest possible prices but at the same time it affects domestic markets, students and GDP of the country in a varying way. Here is an attempt to explore how import of goods in the US affects GDP of the country, domestic markets and the university students in general. International trade is defined as the exchange goods and services between two or more countries. In a free trade regime, a country who can...
3 Pages(750 words)Essay

International trade

...with the automobile industry and gained the attention of the European Union. The “engines and turbine” manufacturing is one such industry that has achieved much importance. The share of contribution of this sector is volatile and it is difficult to get any clear trend from the analysis of the sector. The country offers excellent research conditions for the development of technical machineries. But one challenge that the German companies have to deal with is that of high wages as well as some structural change (Vieweg, 2012). International Trade between Germany and Canada The exchange of capital goods as well as services across the...
3 Pages(750 words)Assignment

International Trade

.... Independent shop owners account for about 80% of the Indian Retail Market and the remaining 20% is shared by several different channels. A review of the market in India shows that no proper distribution network is present for Tumble dryers. The potential customers are not even well informed of the existence of the product and its unique advantages. Available purchase points also do not seem to be educating the potential buyers about the product, (Huang, & Sternquist, 2007). Retail Stores in India are very few in number and the Managers do not have any effective stay in the choice of products that make up their stock in trade. International; products are not marketed in...
11 Pages(2750 words)Essay

Free Trade Among Developed Economies

...? Free trade among developed economies First number here Month day, year Free trade among developed economies Free trade may be defined as the unrestricted international exchange of goods with tariffs used for the purposes of revenue generation; agreements are simply treaties establishing the parameters of the free trade exchange occurring. Free trade relies on a lack of tariff or import taxes to enhance the distribution of raw goods and manufactured end products as well as increased labor potential. A typical free trade agreement, if it is truly, a free trade agreement...
3 Pages(750 words)Research Paper

Id Versus Trade: Economic Development Of Less Developed Countries

...their economic development. The fact is evident that most industrialized countries have been reluctant in using trade as a measure to enhance the economic growth of developing countries. Developed countries support the provision of aid to developing countries more than they opt for openness of trade. As stated above, the major cause driving the provision of assistance to the less developed countries whether in the form of aid or trade is supposed to be the economic development of the recipient country, however the effectiveness of both these measures in...
9 Pages(2250 words)Essay

International Trade - World Trade; 2) the reduction of, or, in some cases, elimination of, tariffs; 3) the rise in income cost; and, 4) the fall in transporters. The first factor, the rapid advancement in information technology, which linked nations through its borderless information highways through its continuing advances and dynamism, played an important role in bridging the gap in the international trade system, primarily in the standardization of the import and export trade, in the implementation of international payment system, and in the effective use of B2B processes for most of the essential operations of the trade...
8 Pages(2000 words)Essay

Do countries really benefit from international trade international trade it has been argued that nations can benefit from decreased levels of unemployment. The reasoning behind this advantage is that it is the case that international trade may help the establishment of new industries that theoretically can accommodate to the demands of various countries. An example of this would be the fairly recent Mexican automobile component manufacturing industry. According to (2009) over 433,000 people are now employed in the automobile component sector in Mexico where prior to the 1960’s very few if any people were employed in that sector in Mexico. The Disadvantages of...
3 Pages(750 words)Essay

International trade

...Running Head: assignment International Trade of the of the of the Assignment Countryof Origin Selected Country: Turkey Selected Item: Jewellery Jewellery production in Turkey Turkey stands as a key player in world’s gold production. Ranked as the world’s third largest gold producer, its annual gold production capacity is around 400 tonnes. Using gold as ornament and future investment has been a Turkish tradition. Because of its huge production, Turkey is now an important exporter of gold around the world. Some key facts about Turkish Gold Production are: People employed in Turkish Gold Industry 250,000 at present Main centre for jewellery production Istanbul Number of...
3 Pages(750 words)Assignment

International development is/is not best helped through free trade

... 43). Research Plan An interdisciplinary approach will be employed to study the impacts of free trade on international development since the beginning of the 20th century. The researcher will examine past studies and use their findings and inferences to support arguments for free trade and its role in international development. The researcher will also use qualitative and quantitative techniques to conduct research so that the hypothesis can be validated or disproved. The research will focus on patterns of international development and free trade and examine them separately. After that, both concepts’ patterns will be compared to establish whether any relationships exist between them and if there are, what kinds of relationships... they...
2 Pages(500 words)Research Proposal

International Development Is Best Helped Through Free Trade

...island countries. A 2002 research by the US department of commerce showed that free trade in small island countries has a negative impact on national welfare and economic development12. Expectations The writer expects to find that international development is truly helped by free trade. The expectations are that the research will prove the hypothesis and achieve the aims set in the research proposal. In addition, it is hoped that this paper will be more comprehensive and critical in its approach compared to past research. The writer expects the research to be so solid that it can achieve universal approval in any...
7 Pages(1750 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Whether It Really Helped Less-Developed Nations To Get Its Share In The International Trade for FREE!

Contact Us