As far as the origin of World Trade Organisation (WTO) is concerned, it is worth mentioning that initially an international organisation widely known as the General Agreement on Tariffs and Trade (GATT established in 1948) used to exist that was substituted with WTO in 1995…
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Another characteristic of WTO is that it endorses the idea of free trade agreements followed by resolution of conflicts and ‘trade negotiations’ among nations (BBC Profile, 2011). Answer 2 It should be pointed out that WTO is not a perfect organization neither it has been seeking perfection. As far as the positive side of WTO is concerned, it is justified to argue that the measures taken by this organisation have bolstered trade ties among countries as well as have resulted in phenomenal growth in global trade volume in last 13 – 15 years (more specifically since 1995). For instance, WTO has made a major contribution in globalisation and internationalisation of this world, thereby leading to interdependence of nations. In other words, a country having scarcity of food / agricultural products and oil could import them from foreign countries (having abundance) at reduced tariffs and meet the domestic demand. Similarly, the oil rich nations, with weak industrial base, could import machinery and manufactured products from their trading partners. Nevertheless, the WTO has also certain weaknesses and the most important one is its failure in eradicating protectionist policies. It should be recalled that protectionist policies refer to trade barriers and initiatives that help protecting domestic industries from imported products.
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(World Trade Organisation (WTO) Essay Example | Topics and Well Written Essays - 250 Words)
“World Trade Organisation (WTO) Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/other/1409222-world-trade-organisation-wto.
In conclusion, this paper agrees that the WTO is a necessity to the modern day global trade, which has become too competitive in different aspects. This competitiveness have led to some compromises in business and trade operations and thus the need for a neutral, independent, international body to regulate the trade operations without fear and favourism.
These objectives can be reduced to three areas: multilateralism, improving the economic and trade opportunities of developing countries and sustainable development. Whether the WTO has met these objectives has been the subject of intense debate. This research study examines both sides of the argument and identifies lessons learned from its failure to meet some, if not all of its objectives and makes suggestions for the way forward.
Why do they peruse government tariffs and how do they justify, highlighting what they done and why for this case study, looking also at the strengths).
Key issues highlighted by the case study are the various Governments' interest in the economy of the country and its relation to the health of the private and governmental organizations, how the government supports the organisations particularly the civil aviation industry in developing new technologies and giving sops as an encouragement to this industry.
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During the early years, GATT had no formal organisation. In 1995, the World Trade Organization (WTO) was created with headquarters in Geneva Switzerland. The WTO is the governing board responsible for negotiating, regulating, and enforcing the body of agreements.
Its membership would help bring about a steady development of the world economy and contribute to the establishment of a just and reasonable international economic new order (Chen 2000). On the political and diplomatic side China had always wanted to be recognized by the large multilateral institutions, the WTO being prominent on the list of those to which it is not a member (Barshefsky 1999).
Despite the economic benefits of accessing to the World Trade Organization, as there is an absence of alternative strategy options, this will lead Saudi’s oil companies to operate under the influence of the European Union chemical companies that are lobbying the organization
One of these articles comes from Michel Chossudovsky who argues that global capitalists are manufacturing dissent, or creating a false anti-globalisation movement, through funding the anti-globalisation
In addition to this, this essay discusses the structure of the world trade organization and its main framework in conducting international trade. This essay will also discuss the importance of the WTO and Ricardo theory in maintaining a smooth operation
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