The World Trade Organization: Purpose and Functions

Need help with assignments?

Our qualified writers can create original, plagiarism-free papers in any format you choose (APA, MLA, Harvard, Chicago, etc.)

Order from us for quality, customized work in due time of your choice.

Click Here To Order Now

The World Trade Organization (WTO) is one the most vital parts of the modern trade. It is an intergovernmental organization, regulating sales across the world. It has a long history, which can be traced back to 1947. Providing a forum for negotiating agreements the agency is responsible for the worlds economic growth and development. The following essay will discuss the history and main purpose of the World Trade organization.

The WTO itself was established in 1995 under the Marrakesh Agreement, replacing the General Agreement on Tariffs and Trade (GATT). The aims of the WTO were much more expansive than those of its predecessors, where GATT primarily tackled the trade of goods, but The WTO started to overtake the power of service and intellectual property trade. The organization serves multiple purposes that ensure the proper conduct of trade around the globe. The fundamental idea of the WTO is to guarantee appropriately regulated international trade. Their website states the mission: Its main purpose is to ensure that trade flows as smoothly, predictably and freely as possible (World Trade Organization, 2020a). Regulation of trade between nations by providing negotiation policies and dispute resolutions are among the organizations primary functions.

The Globalization Paradox pronounces that in order to build a prosperous economy, national democracies need to impose international rules, protecting each population segment in the enterprise. The book mentions the move from the transitional GATT, following the unsuccessful establishment of the International Trade organization to the permanent WTO. However, the author outlined the transition as shallow because it does not require many domestic individual policies (Rodrik, 2012). On the other hand, deep globalization integrates global rules into domestic ones.

As a part of the 25th anniversary of the WTO, it outlined the most significant achievements and recent challenges facing the organization. The WTO expresses its concern about the current restrictions imposed by governments that majorly affect worldwide trade (World Trade Organization, 2020b). The market is experiencing complications, as investments are continuing to fall due to the rising uncertainty of market conditions. Nevertheless, the WTO is optimistic about resolving such issues with the help of well-developed strategies that will ensure an appealing market environment.

Therefore, it is possible to conclude that the World Trade Organization is one of the most crucial agencies of the modern commerce that regulates all of its policies. Over the years, WTO has contributed to establishing a powerful and prosperous international economic market. It has also managed to stay responsible for the economic growth worldwide.

References

Rodrik, D. (2012). The globalization paradox/: Democracy and the future of the world economy. W.W. Norton & Company.

World Trade Organization. (2020a). The WTO in brief. Web.

World Trade Organization. (2020b). The WTOs 25 years of achievement and challenges. Wto.Org. Web.

Need help with assignments?

Our qualified writers can create original, plagiarism-free papers in any format you choose (APA, MLA, Harvard, Chicago, etc.)

Order from us for quality, customized work in due time of your choice.

Click Here To Order Now