Last Updated 15 May 2021

Economics – Wto Notes

Category Trade
Words 302 (2 pages)
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World Trade Organization Background Information Established in 1995 after the Uruguay Round of global trade talks, the World Trade Organization (WTFO) is a powerful global commerce agency that transformed and expanded the General Agreement on Tariffs and Trade (GATE) into an enforceable global commerce code. Stated Aim To promote free trade and stimulate economic growth.

The actions, method, and fundamentalism, of the World Trade Organization evoke strong antipathies. Among there things, the WTFO is accused of widening the sociological gap between rich and poor it claims to be fixing. This is bias because: Rich countries are able to maintain high import duties and quotas in certain products, blocking imports from developing countries (e. G. Loathing); The increase in non-tariff barriers such as anti-dumping measures allowed against developing countries; The maintenance of high protection of agriculture in developed countries while developing ones are pressed to open their markets; Many developing entries do not have the capacity to follow the negotiations and participate actively in the Uruguay Round The TRIPS agreement which limits developing countries from utilizing some technology that originates from abroad in their local systems (including medicines and agricultural products).

Critics contend that small countries in the WTFO wield little influence, and despite the WTFO aim of helping the developing countries, the politicians representing the most influential nations in the WTFO (and within those countries or between them, influential private business interests) focus on the commercial interests of profit- making companies rather than the interests of all The WTFO does not manage the global economy impartially, but in its operation has a systematic bias toward rich countries and multinational corporations, harming smaller countries which have less negotiation power. Developing countries have not benefited from the WTFO Agreements of the Uruguay Round, and, therefore, the credibility of the WTFO trade system could be eroded.

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