The paper will begin with a description of the World Trade Organization (WTO) and an explanation of the key principles by which the WTO operates. An opinion will be offered about the WTO followed by a brief discussion of whether the WTO is accomplishing the organization's mission. Finally a current issue facing the WTO will be briefly outlined.
What is the World Trade OrganizationThe World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business. (World Trade Organization, 2009, 1).
The WTO came into existence in 1995 as an outgrowth of a predecessor; the General Agreement on Tariffs and Trade (GATT). As stated by the WTO's former Director General Renato Ruggiero, the primary objectives of the WTO are:Eliminating or reducing obstacles to trade through negotiation while agreeing on governing rules of conduct for international trade.
The administration and monitoring of rules for trade in goods, intellectual property rights and services.
Reviewing and monitoring trade policies of member state while ensuring transparency of bilateral and regional agreements.
Settling disputes regarding application and interpretation of agreements.
Increasing the capacity of developing countries government's officials to functional in the international arena.
Collecting and distributing data and conducting economic research.
Assisting additional potential member countries as they attempt to join the WTO.
Educating the public about the WTO. (World Trade Organization, 2009).
Key PrinciplesTrade without discrimination.
Members are required to grant to the products of other members countries no less favored treatment than that the products of any other nation. This is known as "The Most-Favored Nation...