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es – one hundred and forty nine in number – and is a successor to the General Agreement on Tariffs and Trade, which was dissolved in the year 1995 to give birth to the World Trade Organization in its stead. All of the principles and agreements of the General Agreement on Tariffs and Trade were adopted by the new organization, which added approximately thirty more to them. The new organization stated that its mission is to increase international trade by promoting lower trade barriers. World Trade Organization is also a platform for the negotiation of trade (“World Trade Organization,” 2006).
One of the fundamental principles of trading around which the World Trade Organization discussions revolve is that a trading system ought to be more accommodating for poor nations by giving them more time to adjust, greater flexibility, and more privileges. An open market system is advocated, while it is stressed that a trade system should be free of discrimination. The World Trade Organization is thus a powerful ally for the poor and less developed countries against exploitation from rich and developed nations as well as powerful companies. Some have argued that the World Trade Organization simply serves the interests of the United States and the European Union. Contrary to their opinion, the organization plays a crucial role in controlling a ravenous quest for profits on the part of rich nations and companies (Lipsey, 2006).
Of course, the poor nations are in no condition to impose trade sanctions against developed countries. Disparities do exist. Rich nations are also known to engage in behind the scenes negotiations with the World Trade Organization. Yet, the organization gives a fair chance to the poor countries to voice opposition and form alliances through a major forum especially arranged for the less developed countries. The World Trade Organization is thus an indispensable tool for the poor nations’ access to and lawful participation in the
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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.
Given countries' poor provision of natural resources and industry's need for significant overseas markets, the rationale for such advocacy is not difficult to discern. Initially, developed countries utilized WTO in many ways as an 'international public good' which would allow it to enjoy the benefits of greater international market access without necessarily having to make a significant contribution itself.
Comparative advantage is the ability of any country to produce anything at a lower comparative cost than other countries.
Free trade is important for development especially for developing countries and least developed countries. Free trade means no country needs to pay and tariffs for trading with any other country.
The international trade happens when goods or services are exported by a firm to another country (Hill 2003, p. 8). Moreover, Hill (2003) added that a foreign direct investment happens when a firm invests resources in business activities in the other country.
This thesis analyzes and explains how the develop countries have more power in World Trade Organization's Dispute Settlement Mechanism and are influencing the developing countries.
The WTO Dispute Settlement Mechanism should secure the 'rule of law' within international trade and provide all members with opportunities to exercise their rights equally under multilateral trade agreements.
Having said that, we need to understand that globalization is not just a phenomenon, it is the science of human evolution and since man has for long held fast to this belief, there can be no reason as to
The reason why rich countries should help poor countries is because these poor countries are not able to take care of their people. If these rich countries don’t interfere and help the poor countries then the people in these poor countries would suffer.
This free trade can help the countries to develop as a nation as the goods can be exchanged freely. Trade is an important part of the world today and free trade has become a necessity for the developing nations. The reason for such a necessity arises because of the elevated
They present the results as the decision of WTO to member countries (Costantini 2013).
Smaller and developing countries cannot maintain trade lawyers and representatives needed to make their wishes heard on
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