StudentShare solutions
Triangle menu

China and the World Trade Organization - Essay Example

Not dowloaded yet

Extract of sample
China and the World Trade Organization

The main function of this body is to carry out and facilitate multilateral negotiations so as to improve the movement of goods and services in an open market and also to reduce trade barriers and such other bottlenecks, which actually bring unhealthy or poor competition in the market. It would be acting as a platform for its members to speak about their difficulties with their trading partners and in this way ultimately leading to the economic development of its members. Currently there are 145 members for WTO (The World Trade Organization and Agriculture, 2004).
So the ultimate aim of WTO is to develop the economy of all its member countries whether it is developed, developing or least developed, to ensure employment for all through better production of goods and services and better standard of living for all (The basics of WTO. 2000).
China joined WTO in the year 2001. A lot of commitments were made by China while joining WTO. According to that all the imports were to be exempted from trade tariffs. There is also domestic price liberalization and thus the price of the domestic as well as international price has almost become same. Apart from this tariff rate quotas replaced import quotas and licenses were abolished. In sectors such as telecommunications, insurance etc foreign participation was encouraged (WTO successfully concludes negotiations on China's entry, 2001). All these commitments increased transparency of China's trade regime and helped china to increase its trade volume.
The volume of trade of China has increased from about $200 billion to more than $750 billion within four years after it's joining in WTO (The China Business review, 2006). There has been a change in the items of export as well. Before 2001 agricultural produce, leather, plastic items etc were the main exports, but after 2001, it is the electrical goods, machinery, power generation equipment etc. The imports also increased considerably in these 4 years and the main items include heavy equipments, machineries, vehicles and their parts etc. Export and import with United States increased to more than double during this period. China became the top supplier of consumer goods. The trade is increasing nearly 29% annually. Thus it could be seen that after joining WTO, China has made tremendous progress in its trade especially to United States and other developed countries. It has become the fourth largest economy in the world by the year 2006 (Yong, 2009).
Thus the World Trade Organization which was formed as a result of increased globalization and liberalization, in order to facilitate trade across the countries has resulted in the development of economies not only of the developed countries such as US, UK, Germany etc, it has also helped the developed countries such as China to make tremendous progress in the trade and economy.
Works Cited
The basics of WTO [online] Available at: http://www.iisd.org/trade/handbook/3_2.htm 2000. (accessed on 12th June 2009)
The China Business review [online] Available at: http://www.chinabusinessreview.com/public/0609/ChinaData.pdf 2006 ...Show more

Summary

Most of the countries round the world identified the need for an agency in order to facilitate and promote trade across the borders as well as within the borders, for getting more market accessibility, in order to solve trade conflicts and also to foster multinational trade relations between different countries…
Author : borerjace
China and the World Trade Organization essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"China and the World Trade Organization"
with a personal 20% discount.
Grab the best paper

Related Essays

World trade Organization
World trade Organization Introduction The world trade organization (W.T.O) is an international organization, which deals with rules and issues of trade between nations. Since its formation, the world trade organization has initiated trade agreements. These agreements entail negotiations with the world’s trading nations, which pass agreements in parliaments.
9 pages (2250 words) Essay
China Global Trade Report
With the turbulent financial crisis that has entrenched much of the Western hemisphere growing emphasis on alternative markets have become a prominent concern among economists and investors. The Asian market, specifically China, has shown strong growth and growth potential in the last decade.
3 pages (750 words) Essay
World Trade Organization Information
The World Trade Organization was created with a goal and ultimate objective set in mind. Its ultimate goal is to improve the welfare of peoples in the member countries. The purpose is to aid trade flow efficiently, lawfully as well as predictably. It has nearly One hundred and fifty one member states, which account for 97% of world trade (Ben-David p15).
10 pages (2500 words) Essay
World Trade Organization
Multilateral trade negotiation is a term that has been generally used to describe the eight multilateral rounds of negotiations that are consistently held under the patronage of the General Agreement on Tariffs and Trade (GATT). According to Capdevila (2008), GATT, which later brought the World Trade Organization (WTO) was a multilateral treaty established with the express intention of helping to reduce the trade barriers that existed between member countries.
10 pages (2500 words) Essay
World Trade Organization Essay
Given countries' poor provision of natural resources and industry's need for significant overseas markets, the rationale for such advocacy is not difficult to discern. Initially, developed countries utilized WTO in many ways as an 'international public good' which would allow it to enjoy the benefits of greater international market access without necessarily having to make a significant contribution itself.
9 pages (2250 words) Essay
Credibility of Business Negotiations between the U.S. and China
In fact, China's entry to the world market will make the international market considerably larger such that businesses from other nations must consider and be prepared for its ramifications. All these are results of the uncanny ability of the Chinese in business negotiations where you cannot afford to practice a "here-today, gone-tomorrow mentality.
4 pages (1000 words) Essay
World Trade Organization Today
This paper provides an understanding of the WTO (World Trade Organization) system and its implications to government policies and international business. The issues examined include scope and definition of investment, transparency, non-discrimination, settlement of disputes and balance of payment safeguard.
5 pages (1250 words) Essay
World Trade Organization - The Problem of Dumping in World Trade
Money has become an essential parameter in terms of trading and business. As segregation has increased among the people in developing as well as developed countries, companies have refined their policies to cater to the needs of individuals who are deprived from the luxury of affording even minimal priced items. In this, the word “dumping” arises.
24 pages (6000 words) Essay
The World Trade Organization
Doha development agenda were launched in 2001 and expected to be completed in 2005. However, this was not realized despite efforts to gather urgent dignitaries (Jones, 2010). Although the G20 endorsed the goal of concluding the talks in
1 pages (250 words) Essay
World Trade Organization (CHINA MEASURES RELATED TO THE EXPORTATION OF VARIOUS RAW MATERIALS)
It is quite possible that the dispute, dubbed China- Measures Related to the Exportation of Various Raw Materials, will trigger additional similar trade conflicts such as China’s restrictions on the exportation of rare earth minerals. This may ultimately result in
14 pages (3500 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation