This paper shall discuss the thesis that the World Trade Organization has been hijacked by rich country interests, thereby worsening the conditions of the poor in less prosperous countries. This paper has such sections: analysis of the position and arguments for the positions…
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This research will begin with the statement that the World Trade Organization was formed with a motive of supervising the environment of world trade in a globalized world. At the inception of the WTO, the main focus of the organization was the promotion of the economic condition of the developing nations and to facilitate a trade that would work in favor of the growth of these nations. However, there was very little development that was noticed due to the presence of WTO. It has been claimed by different experts of various nations that the WTO has been controlled by the selfish interests of the nations that are considered to be powerful in the world forum. The decision-making process on the regulations and the principles of trade remained in their hands. In most cases, it has been seen that the developing nations have been controlled and manipulated by the large nations especially through investments and modern technology sharing. The developing nations are dependent on the rich nations for their prosperity mainly because they export to the developed countries and import the updated know-how of production and other necessary goods and services from the latter. The system of foreign trade has also become complicated with the multinational companies setting up subsidiaries in the developing nations. These actions have benefitted the developed countries more than it has helped the developing nations....
This particular example proves that the World Trade Organization only thinks about the rich and prosperous countries. In terms of agricultural subsidies, it can be stated that the subsidies provided to the rich world farmers can threaten the livelihood of the farmers of developing world or the third world countries. However, the members of the World Trade organization failed to agree on these things (Bruges, 2004, p.61). The World Trade Organization also failed to make clear the deliberately vague rules on the concluding trade agreements which can allow the developing or less prosperous countries to be influenced by the rich states. There are no such clear rules to protect the farmers or poor people while negotiating with the European Union as the poor African Countries have been forced to abolish tariffs on up to 90 percent of total trade. The World Trade Organization has failed to fulfil its agenda of protecting the interest of the developing countries in the arena of international trade which has been largely due to influence of the global economic superpowers. The rules proposed by the World Trade Organization for the developing countries were special and differential treatment rules which were meant to be reviewed by the WTO. The proposals have failed due to the interests of the global economic superpowers. The implementation of special economic zones and export processing zones in the less prosperous and less developed countries were proposed in order to maintain the equilibrium in international trade by stimulation of foreign investments which proved to be a failure (Ratnesh, 1999, p.47). WTO has also not been able to minimize the legal costs through improved access of its complex legal system to the
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