Benefits of WTO Trading System Essay Example

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The WTO is essential in protecting and advancing the interests of smaller economies. Through the most favored nation treatment, the organization offers non-discriminatory opportunities to all member states. It has been restructured to cater to the needs of less affluent countries, in addition to bigger players. Furthermore, the WTO empowers lesser and developing economies by providing increased bargaining power to smaller countries.

The importance of the World Trade Organization to nations lies in its ability to prevent and resolve trading disputes between countries, ensuring that smaller nations can compete with powerful and developed countries in the global market without being left behind. The WTO's structure of policies and regulations establishes acceptable norms for international trade among member states, preventing instances where one country may curtail another country's trading rights and opportunities due to lack of policy. Without the WTO, unregulated trading relations could result in serious conflicts, such as political war. By avoiding such conflicts through its policies, the WTO ensures that disputes do not arise, allowing for harmonious international trading.

To sum up, the WTO and the Doha round of international trade are addressed in various points. The WTO symbolizes globalism and a multilateral system, where negotiations on trading, like the Doha round, take place. Developed countries view Doha as a way to enhance worldwide collaboration and advance international trade, potentially resulting in poverty reduction.

While developed countries see the agenda of trade negotiations as necessary for world trade policies, protestors and developing nations argue that it only gives further control to developed nations and worsens trade inequality. Despite this clash of interests and inflexibility among member nations, there is still hope for

consensus and agreements in the Doha rounds, with current trends in globalization contributing to a brighter future for the WTO and international trade. The WTO is crucial in promoting and regulating free trade and globalization, highlighting its significance in the global economy.

References

Benefits of WTO Trading System n. d, World Trade Organization, viewed 8 Dec.

The Meaning of Doha was viewed on December 8, 2001 by Walden Bello and Anuradha Mittal. In 2006, more information about the World Trade Organization can be found at http://www.wto.org/english/thewto_e/whatis_e/10ben_e/10b03_e.htm. The and their contents should remain unchanged.

In 2006, Evan Davis reported on the demise of the WTO's Doha talks in an article published on BBC News. The source for this information can be found at http://www.tradeobservatory.org/headlines.cfm?refID=17056 and was accessed on December 8th of that year.

The year 2006 and a hyperlink to a news article on BBC's website about business are enclosed within a paragraph tag.