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"The World Trade Organization is often accused of benefiting richer nations to the detriment of poorer ones. Discuss both the advantages and disadvantages of joi"
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WTO has 150 members , Vietnum being the 150th. WTO derives its strength from the commitment of its member nations to managing trade with a common set of values including honesty, sincerity, transparency, predictability, nondiscrimination and a rule-based dispute resolution. WTO contains a basic set of rules that all its member states have to comply with. These rules basically put some obligation on the member nations. Some of the general obligation faced by the member countries are as follows: each member nation (i) must apply the same trade policies to all WTO members (with exceptions for regional agreements), (ii) must treat foreign goods equally with domestically produced ones when applying trade-related regulations, (iii) must not use quotas or export subsidies, (iv) should impose tariffs which are more transparent. Apart from this a member nation has to promise not to augment the level of ordinary customs duties above levels negotiated with other WTO members. (Bossche, 2005)
Joining the WTO is basically a commitment to enter the world market which is governed by a set of transparent and strict rules and regulations, to access to the large and open market of 150 countries . Once a country joins the WTO, it is granted with both benefits and responsibilities, advantages and disadvantages, and great opportunities and big challenges at the same time. When a nation joins the WTO, it gets an access to huge international market. Joining the WTO also sends a strong signal to the nation’s trade and investment partners about that country’s future direction in respect of trade. Not only in respect of trade, joining the WTO could be considered as a spanking new start of a comprehensive reform in economy, law, administration, education, training, and culture. Once a country joins the WTO, its economy starts to adjust to market changes that lead to labor and training changes. Joining the WTO apparently provides the
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World trade Organization
The world trade organization (W.T.O) is an international organization, which deals with rules and issues of trade between nations. Since its formation, the world trade organization has initiated trade agreements. These agreements entail negotiations with the world’s trading nations, which pass agreements in parliaments.
Characteristic of the capitalist economic system is the adherence of to the principles of free trade. It is through free trade that states reduce if not abolish all restrictions on capital and commodity exchange. Traders from different countries no longer have to deal with the obstacles that are usually established by governments meant to discourage the entry of too many imported products and capital.
World Trade Organization Benefits. The World trade Organization as its name implies is an international organization that specializes in dealings pertaining to trade and other mutual exchange. The scope of W.T.O is very broad and it enables the trade and exchange between the neighboring countries as well as those that are million miles away in different continents.
World Trade Organization.The World Trade Organization is one of the relatively younger world organizations that exist to help regulate the international business community. Formally created on January 1, 1995 based upon the dictates of the Marakesh Agreement, the organization replaced the then existing General Agreements on Tariffs and Trade which was created in 1948.
The World Trade Organization was created with a goal and ultimate objective set in mind. Its ultimate goal is to improve the welfare of peoples in the member countries. The purpose is to aid trade flow efficiently, lawfully as well as predictably. It has nearly One hundred and fifty one member states, which account for 97% of world trade (Ben-David p15).
Given countries' poor provision of natural resources and industry's need for significant overseas markets, the rationale for such advocacy is not difficult to discern. Initially, developed countries utilized WTO in many ways as an 'international public good' which would allow it to enjoy the benefits of greater international market access without necessarily having to make a significant contribution itself.
But the GATT was formed through agreement among trading countries: it did not have the international status of the International Monetary Fund (IMF) or the World Bank, both of which were international groups. Instead, the GATT Secretariat saved the signatories to the GATT.
This paper provides an understanding of the WTO (World Trade Organization) system and its implications to government policies and international business. The issues examined include scope and definition of investment, transparency, non-discrimination, settlement of disputes and balance of payment safeguard.
Having said that, we need to understand that globalization is not just a phenomenon, it is the science of human evolution and since man has for long held fast to this belief, there can be no reason as to
Established back in 1995, the World Trade Organization (WTO) deals with the “legal trading rules and regulations between two nations regardless of whether it is a global or near-global level.” (World Trade
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