Libyan Negotiations to Join the World Trade Organization - Dissertation Example

The World Trade Organization was developed as the successor of the General Agreement on Tariffs and Trade (GATT). The General Agreement on Tariffs and Trade or GATT was initially developed as an international organization dealing with multilateral agreements that focus on economic cooperation on a worldwide level. It was developed together with the Bretton Woods institutions – the International Monetary Fund and the World Bank. When it was established, the General Agreement on Tariffs and Trade were merely composed on twenty-three members.

As time passed by, the membership therein has increased to fifty which in turn also launched the initiatives pertaining to the establishment of the World Trade Organization. As reflected in the earlier parts of this introduction, the establishment of the World Trade Organization is premised on its capacity to enforce global trading by providing important rules and regulations related thereto. The proponents of the World Trade Organization have then been responsible for the development of the charter of the former.

In the same manner, they are also given the task to come up with bilateral or multilateral agreements that cover the following in the international arena: (1) labor, (2) business practices, and (3) investments. Finally, the members of the World Trade Organization are also concerned with the significant reduction of trade restrictions so as to be able to properly implement the tenets of free trade, as envisioned by the World Trade Organization.. ablishment of the World Trade Organization is premised on its capacity to enforce global trading by providing important rules and regulations related thereto.

The proponents of the World Trade Organization have then been responsible for the development of the charter of the former. In the same manner, they are also given the task to come up with bilateral or multilateral agreements that cover the following in the international arena: (1) labor, (2) business practices, and (3) investments. Finally, the members of the World Trade Organization are also concerned with the significant reduction of trade restrictions so as to be able to properly implement the tenets of free trade, as envisioned by the World Trade Organization.

8 9 The establishment of the World Trade Organization has likewise been propelled by the aftermath of the two World Wars.10 Indeed, countries all over the world have identified the two World Wars as well as the Great Depression as the darkest years in the history of human kind.11 It is in relation to this fact that they have considered the significance undertaking various steps in order to promote progress.12 Parenthetically, the establishment of international institutions is premised on the need to promote not just global peace but also, global prosperity.

Once again, the General Agreement on Tariffs and Trade (GATT), the predecessor of the World Trade Organization was primarily established as an avenue where disputes related to trade can be submitted.13 14 The immediate and effective resolution of these trade disputes is deemed of paramount importance in the attempt to reduce the chances of another World War. The complicated issue related to globalization is one of the major sources of disputes amongst countries. As a result thereof, it is of utmost