After reading this essay you will learn about: Principles of the Multilateral Trading System 7. Ministerial Conferences and Other Details. Essay on World Trade Organization Contents: The World Trade Organization WTO is the only international organization that deals with global rules of trade between nations.
It provides a framework for conduct of international trade in goods and services. It lays down the rights and obligations of governments in the set of multilateral agreements.
In addition to goods and services, it also covers a wide range of issues related to international trade, such as protection of intellectual property rights and dispute settlement, and prescribes disciplines for governments in formulation of rules, procedures, and practices in these areas.
Moreover, it also imposes discipline at the firm level in certain areas, such as export pricing at unusually low prices. The basic objective of the rule-based system of international trade under the WTO is to ensure that international markets remain open and their access is not disrupted by the sudden and arbitrary imposition of import restrictions.
Under the Uruguay Round, the national governments of all the member countries have negotiated improved access to the markets of the member countries so as to enable business enterprises to convert trade concessions into new business opportunities.
The emerging legal systems not only confer benefits on manufacturing industries and business enterprises but also create rights in their favour. The WTO also covers areas of interest to international business firms, such as customs valuation, pre-shipment inspection services, and import licensing procedures, wherein the emphasis has been laid on transparency of the procedures so as to restrain their use as non-tariff barriers.
The agreements also stipulate rights of exporters and domestic procedures to initiate actions against dumping of foreign goods.
An international business manager needs to develop a thorough understanding of the new opportunities and challenges of the multilateral trading system under the WTO.
Its genesis goes back to the post-Second- World-War period in the late s when economies of most European countries and the US were greatly disrupted following the war and the great depression of the s. It led to an international agreement called Havana Charter to create an International Trade Organization ITOa specialized agency of the United Nations to handle the trade side of international economic cooperation.
The draft ITO charter was ambitious and extended beyond world trade discipline to rules on employment, commodity agreements, restrictive business practices, international investment, and services.
However, the attempt to create the ITO was aborted as the US did not ratify it and other countries found it difficult to make it operational without US support. The combined package of trade rules and tariff concessions negotiated and agreed by 23 countries out of 50 participating countries became known as General Agreement on Tariffs and Trade GATT: India was also a founder member of GATT, a multilateral treaty aimed at trade liberalization.
GATT provided a multilateral forum during to discuss the trade problems and reduction of trade barriers. World Trade Organization membership increased from 23 countries in to countries by GATT remained a provisional agreement and organization throughout these 47 years and facilitated considerably, tariff reduction.
During its existence from toaverage tariffs on manufactured goods in developed countries declined from about 40 per cent to a mere 4 per cent. It was only during the Kennedy round of negotiations inthat an anti-dumping agreement and a section of development under the GATT were introduced.
The first major attempt to tackle non-tariff barriers was made during the Tokyo round. The eighth round of negotiations known as the Uruguay Round of was the most comprehensive of all and led to the creation of the WTO with a new set up of agreements.
Despite the disciplinary framework for conduct of international trade under the WTO, countries across the world including the developing countries were in a rush to join the pack. The WTO has nearly members, accounting for over 97 per cent of world trade.The Centre for WTO Studies (CWS) deals with the global rules of trade between nations.
Its main function is to ensure that trade flows smoothly, predictably and freely as possible. The stated aim of the World Trade Organization (WTO) is to "ensure that trade flows as smoothly, predictably and freely as possible".
However, it is important to note that the WTO does not claim to be a "free market" vetconnexx.coming to the WTO, it is "sometimes described as a 'free trade' institution, but that is not entirely accurate.
World Trade Organization Research Paper This sample World Trade Organization Research Paper is published for educational and informational purposes only.
If you need help writing your assignment, please use our research paper writing service and buy a paper on any topic at affordable price. WTO/GATT Research: Outline This guide presents the essential sources for researching the former GATT and the current system under the Uruguay Round agreements and the World Trade Organization.
NOTE: Main tabs list general sources that might not be repeated in the dropdown tabs. WTO Agreement on Trade Facilitation Use of the ICT - WTO Agreement on Trade Facilitation The WTO Trade Facilitation Agreement and the WCO Mercator Programme Approach to Implementation.
The Chinese government issued a white paper on Thursday saying it has “faithfully” honoured the promises it made when it joined the World Trade Organisation and wants the free trade system to.