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World Trade Organisation (WTO) - Essay Example

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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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World Trade Organisation (WTO)
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World Trade Organisation (WTO)

Download file to see previous pages... 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. ...Download file to see next pagesRead More
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