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Trade Liberalization and Global Governance by the World Trade Organisation - Coursework Example

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The paper "Trade Liberalization and Global Governance by the World Trade Organisation" supposes that indirect subsidies in the form of government assistance to industry aimed towards the enhancement of efficiencies, quality, superior management, and modernization seems to be the best way to assist domestic industry to compete in the world today…
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Trade Liberalization and Global Governance by the World Trade Organisation
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Download file to see previous pages Trade liberalization has meant that markets around the world have become more competitive and industries have to compete on efficiencies, modern methods of production, sound management, and the utilization as well as the development of skills. Governments, therefore, have to use more sophisticated means of extending assistance to the domestic industry and such assistance is required to produce results in the form of a viable industry because it is unfair to the national taxpayer or the consumer to continue to suffer if domestic industry cannot compete at least in the domestic market, if not the global markets. Although there are provisions in the WTO Safeguards Agreements which, because of their broad language, may be used by a national government to impose tariffs if the domestic industry is likely to suffer serious injury, such loopholes are likely to become more difficult to use in the future because of new consensus that is already emerging to close them.

Hence, national governments have to assist the domestic industry by providing direct and indirect subsidies through management assistance, export assistance, skills development, assistance with research & development as well as information gathering and dissemination. Governments have to do much more then merely enacting legislation if a nation is to continue to have a viable domestic industry. This brief essay takes a look at what a national government can do in order to assist the domestic industry in the era of trade liberalization. In an era of international trade liberalization, there is intense market competition for goods and services because manufacturers and service providers from all over the world try to sell their manufactured products and services in a national market. As a result of the global movement towards trade liberalization, nations are required to progressively reduce their tariffs to permit market access to producers and suppliers from all over the world. ...Download file to see next pages Read More
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