World Trade Organization - Essay - 5408 Words

WORLD TRADE ORGANIZATION The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business. The WTOs predecessor, the General Agreement on Tariffs and Trade (GATT), was established after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation, notably the Bretton Woods Institution known as the World Bank and the International Monetary Fund. A comparable international institution†¦show more content†¦These internal transparency requirements are supplemented and facilitated by periodic country-specific reports (trade policy reviews) through the Trade Policy Review Mechanism (TPRM). The WTO system tries also to improve predictability and stability, discouraging the use of quotas and other measures used to set limits on quantities of imports. 5. Safety valves. In specific circumstances, governments are able to restrict trade. There are three types of provisions in this direction: articles allowing for the use of trade measures to attain non-economic objectives; articles aimed at ensuring fair competition; and provisions permitting intervention in trade for economic reasons. Exceptions to the MFN principle also allow for preferential treatment of developing countries, regional free trade areas and customs unions. The WTO has come in for fierce criticism from the anti-globalization, environmental and development lobbies. They argue that WTO: †¢ Allows rich countries to exploit the Third World workers, paying them low wages and making them work in conditions which would be completely unacceptable n developed countries. †¢ Is causing an environmental catastrophe in the Third World as rich countries plunder the national resources of the planet and give very little in return to poor countries. †¢ Forces poor countries to lower their barriers to trade while rich countries keep their barriers inShow MoreRelatedThe World Trade Organization Essays908 Words   |  4 PagesThe World Trade Organization is widely known as an organization that deals with free trade on an international level. Quoting from their website, â€Å"the World Trade Organization (WTO) deals with the rules of trade between nations at a global or near-global level. But there is more to it than that.† (Source 1) . In general to enter into the WTO, a country must meet certain criteria that deal with liberalization of trade policy. (Source 2? More like a general). As a member of the WTO, countries mustRead MoreWorld Trade Organization Essay1696 Words   |  7 PagesWorld Trade Organization The World Trade Organization (WTO), is an international organization designed to supervise and liberalize international trade. The WTO came into being on January 1, 1995, and is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947, and continued to operate for almost five decades as a de facto international organization. The World Trade Organization deals with the rules of trade between nations at a near-global level; itRead MoreEssay on The World Trade Organization579 Words   |  3 Pages World Trade Organization (WTO) nbsp;nbsp;nbsp;nbsp;nbsp;The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business. The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in theRead MoreThe World Trade Organization Essay1690 Words   |  7 Pagescountries. The three main institutions i will be talking about include the World Bank, International Monetary Fund and the World Trade Organisation. These organisations provide loans, grants and practical assistance to governments, in addition to loaning money to assist private businesses within developing countries. They also play a significant role in the privatisation and overseeing of public utilities and natural resources. The World Bank (WB) and the Inter national Monetary Fund (IMF), often called theRead MoreThe World Trade Organization Essay1171 Words   |  5 PagesThe World Trade Organization The World Trade Organization (WTO) was established on January 1, 1995 and is the most powerful trade body in the world. It has 133 member nations and 33 nations with observer status who have applied for membership. (Americanlands) On behalf of its members the WTO promotes, monitors and adjudicates international trade (Goldstein 378) in order to establish a free trade system. It covers every field of economic and social endeavors, including: textiles, agricultureRead More The World Trade Organization Essay2008 Words   |  9 PagesThe World Trade Organisation (WTO) is today seen as one of the pillars of international trade and financial systems of the world alongside the World Bank and the International Monetary Fund, despite being only sixteen years old. With what began as the succession to the previous guidelines and rules set out by the General Agreement on Tariffs and Trade back in 1948, it is now seen as the ‘main unifying force of world trade today’ a key playe r in both the conduct of trade relations and global governanceRead More world trade organization Essay examples637 Words   |  3 Pagesthere has been a constant controversy over whether the World Trade Organization should enforce global free trade. The primary idea is to establish in which all are happy. Although there are many advocates for trade liberalization, as well as many who oppose. I believe free trade may be advantageous for both large and small-industrialized countries, but it does not favor the smaller developing countries needs primarily. If the World Trade Organization eliminates tariffs and quotas, it could create moreRead MoreEssay on Benefits of the world Trade Organization1015 Words   |  5 PagesBenefits of the World Trade Organization nbsp;nbsp;nbsp;nbsp;nbsp;One of the biggest firms associated with globalization is the World Trade Organization. The World Trade Organization is the only international body that deals with the rules of trading between nations. It has evolved over the past half century into an entity that contract with the trade of services, intellectual property as well as its original intent of the trade of goods. The WTO controls most trade in the world today throughRead MoreEssay about World Trade Organization1438 Words   |  6 Pagescontroversies connected to the World Trade Organization (WTO), most American citizens don’t know what the WTO actually is or what it does. Because there’s so much the average person doesn’t understand, we need to look at the background of the WTO before we can discuss any further details; then we will look at possible explanations of why people protest, and finally we’ll focus on whether or not any protests were justified. nbsp;nbsp;nbsp;nbsp;nbsp;The World Trade Organization is designed to create theRead MoreEssay on The World Trade Organization (WTO)2647 Words   |  11 PagesThe World Trade Organization (WTO) is the most powerful lawmaking and legal body in the world. It is the only global international organization dealing with the rules of trade between nations. The goal of the organization is to help producers of goods and services, exporters and importers handling their business. †¢ Who We Are- The WTO was born out of negotiations, and everything it does is the result of negotiations. The purpose of it is to help trade flows as freely as possible- safeguarding no