Describethe role of WTO with respect to knowledge of WTO, fostering trade liberalization, abolishing tariffs.

Question: Controversies in Trade Policy

After the Seattle 1999 World Trade Organization (WTO) Ministerial Conference, in the next two years, large anti-globalization demonstrations rocked the International Monetary Fund and World Bank in Washington.

Describe the role of WTO with respect to the following 7 aspects: knowledge of WTO/GATT, fostering trade liberalization, abolishing tariffs, increasing transparency, seeking resolutions, improving communication within trading blocs, controlling export subsidies, improving national welfare and competitiveness of developing countries

ANSWER:

WTO also known as the World Trade Organisation is considered to be the sole international organisation associated with the formation of the rules of trade existing between two or more nations. This has been approved and signed by many trading Countries and has been ratified in their Parliamentary houses as well.

1. The knowledge of WTO regarding trade agreements that are generally accepted and applied to all trading partners is immense, universal and is progressive in nature

2. The WTO performs a major role in liberalisation of foreign policies across various countries. This is done to keep a check on the trading system in an efficient manner with regards to the products in several sectors let me help benefit the ultimate institution of power

3. WTO is considered to be a system of rules that encourages fair, open as well as undistorted competitive market. It is popularly known as the free trade institution that encourages abolition of tariffs specially the nontariff barriers that are used by the government and political structure. The major reason of abolishing of such barriers was to see the interests of the parties involved in the trade through commercial fraud and capital flight

4. Transparency in trade measures. This is done by publishing every trade measure in the domestic language of the country to make easy apprehension of the new rules, regulations and laws that me affect international trade. It also enhances transparency in decision-making activities.

5. It is considered to be a dispute resolution committee where disputes are resolved between aggrieved trading countries. It provides a conclusion to all concerns and arguments that may arise between two parties through establishing a line of rules applicable to the entire committee

6. The role of wto is significant in fostering communication between trading nations. This is done to ensure every detail is communicated to and from the parties involved to enahnce better trade relations and omission of trade disputes

7. Export subsidies may attract uncontrollable trade requests from many treating nations as the price of the good or service may fall considerably. Also this may reduce government revenue of the exporting country. Hence WTO ensures controlling such export subsidies to promote healthy trade

8. WTO ensures to lay down such rules and regulations that would foster national welfare of trading organisations bringing in healthy competition. The rules and regulations written down Are directed towards the betterment of international trade causing no sided trade benefit.

Related:

Describe the gravity model

Discuss the standard model of trade

Describe the role of World Trade Organization

Evaluate the effects of an import tariff

Describe the four market structures

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