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World Trade Organization - Essay Example
Author : al43
Pages 9 (2259 words)
World Trade Organization (WTO) has a profound impact on trade relations and cooperation between states on the global level. For the most part, WTO has played a greater role in economic forums than security or political ones, and in particular has promoted the free trade process…
This initial position by developed countries soon came under pressure from other members (especially developing countries). More recently WTO has focused upon the need to sustain an open multilateral trading framework, particularly in the light of the proliferation of regional blocs. In spite of some weaknesses and limitations of its strategies, WTO has benefited the economic growth of developing countries and involves them in free trade relations and international trade. The main question worried many nations and economists "Does WTO really promote free trade or just control the international trading relations and economic order
The WTO was established on 1st January 1995 by the Marrakesh agreement. It was a new agreement between the global nations which improved and extended articles of GATT established in 1947. .WTO differs from GATT as it is based on different principles and policies of trade relations. GATT is just a set of rules while WTO is an international institution with governing bodies. In contrast to GATT, WTO commitments are full. GATT rules and principles of trade cover only retail trade while WTO regulates services and intellectual property industries. ...