How important has the WTO been in helping national governments achieve their economic policy aims?
15 Pages Posted: 2 May 2022
Date Written: April 25, 2022
Abstract
From the concept of International Trade Organization (ITO) to General Agreement on Tariffs and Trade (GATT) and eventually in the form of global governance structure on trade the World Trade Organization (WTO) started operating with the vision to ease the international trade procedures and reduce or eliminate trade barriers for a free trade environment in the world economy. At present WTO deals with two major aspects of international trade; the regulations for international trade and negotiation of trade agreement among the member states in relation to intellectual property. From the Uruguay round of GATT era and present day WTO assisting and promoting the uniform trade policy for international trade to all the policy regimes as member states of WTO. Policy regimes in both developing and developed economy are getting policy advice and assistance to formulate economic policy in the ease of doing international trade and trade facilitation. WTO works as a global platform for multilateral trade agreement, trade deal negotiations, in dispute settlement, environment protection issues related with trade and security related concerns with international trade for the member states and the economic policy regimes get proper grounds to formulate regulations related to trade with reviews of trade policies. There are debates on how far the contribution of WTO helped developing countries or member states and it guided regulations to benefit developed member states in global trade system. National governments for many reasons took prescriptions and assistance from WTO regarding trade policy; such few reasons are-trade policy formulation, to enter in the international trade regime, protection of local manufacturing industry, attract investment inflow and promote ease of doing business to generate employment and economic growth. The economic policy regimes in both developing and developed countries due to promote trade facilitation gave consent to many proposals and multilateral agreements following by ratification in the parliaments. However, in many cases WTO has been critiqued by the stakeholders related to agricultural industry and industry backed by small and medium entrepreneurs.
Keywords: WTO, GATT, Trade, International Trade, Trade Policy
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