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World Trade Organisation - Essay Example

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The World Trade Organisation is based on rules which help prevent discrimination among trading countries, allow the countries to have market access and also help in the elimination of trade barriers. These rules also ensure that there is stability in trade relations and eliminate trade practices that are unjust…
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World Trade Organisation
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World Trade Organisation

Download file to see previous pages... Then after the organisation's final decision a panel is set to hear the issues raised. This panel encourages countries to resolve disputes themselves and if necessary the panel gives compulsory decisions which can be appealed. If a country turns down the appeal then it is forced to change its trade policies or World Trade Organisation authorizes those countries harmed by the policies to impose retaliatory measures to the offending country. These measures include an increase in tariffs, use of subsidies or any other protectionist measure. These measures are a clear indication that World Trade Organisation is based on mercantilist principles and is not aimed at bringing unity among member countries by encouraging free trade. The organisation has principles governing its activities like the non discrimination principle, the reciprocity principle and the transparency principles but it rarely uses them.
Mercantilism is termed as an economic assumption that makes a country prosper. It mostly depends on the capital supply and the volume resulting from international trade. Capital in this theory is represented by silver, gold and any other trade value which the country has. The capital is increased by creating a positive balance in trade with other nations. The country plays protectionist measures whereby it protects its domestic firms against competition from foreigners by use of tariffs, subsidies and quotas. Mercantilism contains policies that the given countries should follow. For example, mercantilism allows a country to utilise its soil for agricultural activities, mining and manufacturing of products. It also allows a country to use its raw materials to manufacture goods since it assumes that finished goods have more value than the materials. This rule also discourages the importation of foreign goods and also says that no importation should be made if the goods are produced in the country. Mercantilism encourages countries to obtain imports that are indispensable first in exchange of other locally produced goods but not silver or gold. This practice encourages countries to seek to have a large working force because it is one of the policies in mercantilism. Countries are also allowed to seek opportunities for selling excess manufacturers to the foreign firms in exchange of gold or silver. Mercantilists assume that only one country should benefit while the other countries should loose in the process. They also believe that any policies that benefit one country can harm the other country by making that country not to experience economic growth thus not helping them to develop. Although most countries practice liberalism mercantilist principles are still common in other countries. The liberalism method has not benefited all trading partners. Countries practicing neo mercantilism have experienced high economic growth compared to countries practicing free trade. For example, the US and United Kingdom have experienced slow economic growth after adapting free trade. WTO ...Download file to see next pagesRead More
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