However, it is evident that a section of member states have failed to have consensus on several issues in some instances. This paper will give an account to this fact and give the rationale for WTO as an efficient and…
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There were a number of complains from the developing countries concerning their obligation under the last trade round and their difficulties with WTO in regard to its bargaining structure. These countries were concerned about Uruguay Round’s single undertaking, arguing that this could have acted as wheedle of reluctant countries into the consensus (WTO NEWS, 1998). This led to a split between large developed nations particularly the U.S and Europe and the large developing nations particularly India and china (Levy, 2010). This was also noted to have influenced other 153 members of the WTO in deciding which side to favor.
The greatest success of the WTO process was when there was consensus at the WTO’s ministerial conference in Singapore on labor standards. Although either side had held very strong positions, later, there was a clear and strong consensus. The members were committed to adhere to labor standards. The best of it was that it was internationally agreed and that such standards should not question the comparative advantage of countries. This is an indication that WTO has been successful in multilateral approaches in social fields.
WTO can be argued to be an efficient and effective system global trade. WTO has so far been able to enhance the value and quality of trade (Hoekman, et al. 2009). This should be the primary purpose of such a body. WTO has also eradicated trade and non trade barriers, broadened the trade governance scope, among many other achievements. Therefore, although some challenges comes in the process of making international trade efficient and effective, it is evident that if member states commit themselves to harmoniously work together, WTO can be a vehicle to ride on.
WTO NEWS, 1998 press releases. “The Coming Challenge: Global Sustainable Development for the 21st Century”. Retrieved on 18th July 2012 from:
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“The World Trade Organization Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/macro-microeconomics/1600366-the-world-trade-organization.
World trade Organization
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. These agreements entail negotiations with the world’s trading nations, which pass agreements in parliaments.
The WTO commenced officially on January 1, 1995 after replacing the General Agreements on Tariffs and Trade (GATT) that was formed in 19481. Generally, the WTO was formed to regulate trade between member countries by providing framework for formalizing and negotiating trade agreements, as well as providing framework for dispute resolution with a view of enforcing member countries compliance and adherence to WTO agreements.2 The WTO agreements are signed by member countries representatives.
Economics affects individuals living in the United States by influencing their standards of living. On the other hand, it affects the firms by determining the scope of their jurisdiction; economics influences whether a firm will engage in domestic, international or both trades (Kroll, 1999).
World Trade Organization.The World Trade Organization is one of the relatively younger world organizations that exist to help regulate the international business community. Formally created on January 1, 1995 based upon the dictates of the Marakesh Agreement, the organization replaced the then existing General Agreements on Tariffs and Trade which was created in 1948.
This need finally paved the way for the formation of World Trade organization. The present essay is intended to analyze the formation and functions of WTO and to scrutinize the effect of this organization on the trade and economy of China.
The World Trade Organization came to existence on January 1st 1995 as a result of Uruguay Round of Multilateral Trade Negotiations (1986-1994).
And no other person is qualified for this endeavor other than persons who had various interpersonal interactions with people of diverse and multifaceted cultures. As a Chinese who is presently taking my chances in the United States to obtain education from one of the world's top business schools, Wharton, I believe my most potent strength lies in this: my capacity to infuse a fresh cross-cultural perspective in the study group.
This paper provides an understanding of the WTO (World Trade Organization) system and its implications to government policies and international business. The issues examined include scope and definition of investment, transparency, non-discrimination, settlement of disputes and balance of payment safeguard.
The major aim of the WTO is to promote free trade and stimulate economic growth of its member countries. It negotiates and implements new trade agreements among its member countries. WTO has also the responsibility of policing
Established back in 1995, the World Trade Organization (WTO) deals with the “legal trading rules and regulations between two nations regardless of whether it is a global or near-global level.” (World Trade
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