WTO Impact in Entering New Markets - Dissertation Example

one of the main points of importance of the World Trade Organisation lies in its ability to increase the quality of the products and services being offered whilst ensuring that a significant reduction in terms of costs is attained. Pertinently, the World Trade Organisation also allows access to untapped markets and has helped countries and governments in their battle against poverty (Winters, McCulloch, and McKay 2004). The World Trade Organisation has contributed to the fight against poverty. Unfortunately, it remains a known fact that not all countries have actually received benefits from free trade that the World Trade Organisation promises to promote.

               Notwithstanding the inability of the World Trade Organisation to successfully aid countries and governments in their fight against poverty, a number of global companies have benefitted from it because of its capacity to promote free trade. In this regard, it is of utmost significance for countries that wish to go global to take free trade into consideration so as to effectively affect their transactions in a quite complicated market environment (Winters, McCulloch, and McKay 2004).

Background, Aims, and Objectives

               Based on the foregoing section, the promotion of free trade through its liberalization has fueled globalization (Goldstein 2007). Cogently, it has given companies the needed access to markets that were once untapped. In the same manner, the promotion of free trade has arguably enabled global companies to actually take advantage of different countries by helping them mitigate their costs and reach their bottom lines. From its inception, even during the time when it was still known as the General Agreement on Tariffs and Trade (GATT) until today, in its current form, the World Trade Organisation has worked actively to attain greater trade liberalization (Thirlwall and Pacheco-Lopez 2008). Apparently, the World Trade Organisation has given paramount concern to the need to help nations attain their full potential whilst at the same time, providing solutions to the different concerns of their member countries. In the recently concluded Uruguay Round, the World Trade Organisation has successfully entered into better binding agreements that could help them solve pertinent trade issues. Undoubtedly the Uruguay Round, in this respect has been more successful as compared with the previous WTO Rounds in the past (Thirlwall and Pacheco-Lopez 2008).

               The recently concluded Uruguay Round, aside from what has been previously mentioned, was also successful in terms of increasing the opportunities related to Trade Liberalization. Interestingly, the entrance of the People’s Republic of China has likewise resulted in a significant increase in the global market size, taking into consideration the fact the country has the largest population worldwide. The entry of the Chinese into the World Trade Organisation has likewise resulted in the significant refurbishment of their economic policies, their social and legal systems. The Chinese government has also effected a reduction in their tariff rates that previously discouraged foreigners from entering their market (Goldstein 2007). Finally, the Uruguay Round has resulted in the rise of the private sectors within the member countries thereby enabling them to attain significant growth in their countries. Consequently, the rise of the private sector has also significantly and positively contributed to the growth of the entire global economy.