World Trade Organization - Essay Example

Decisions affecting the economy are to be confined to the private sector, while social and environmental costs are borne by the public," adding that, "In November 1999, the World Trade Organization's (WTO) Third Ministerial Meeting in Seattle collapsed in spectacular fashion, in the face of unprecedented protest from people and governments around the world.

The WTO and GATT Uruguay Round Agreements have functioned principally to pry open markets for the benefit of transnational corporations at the expense of national and local economies; workers, farmers, indigenous peoples, women, and other social groups; health and safety; the environment; and animal welfare. In addition, the WTO system, rules, and procedures are undemocratic, un-transparent and non-accountable and have operated to marginalize the majority of the world's people," (Public Citizen, 2008 p.1). The WTO seeks to promote its services to the world trading community as a way to facilitate trading throughout the modern world.

A key to organization rule are the guidelines upon which it is founded upon and like its counterparts, the WTO is no different. "Unlike United Nations treaties, the International Labor Organization conventions, or multilateral environmental agreements, WTO rules can be enforced through sanctions. This gives the WTO more power than any other international body. The WTO's authority even eclipses national governments," (WTO, 2008 p.1). Further promotion of services available is enabled by the power for which is seen by having such higher authority than other governmental groups.

Each organization, the WTO non-withstanding, stands behind a set of principle practices that are meant to aid it in accomplishing a set listing of goals. A look at the central principles of the WTO comes down to those mentioned; "Non-discrimination: National treatment implies both foreign and national companies are treated the same, and it is unfair to favor domestic companies over foreign ones. Some countries have a most favored nation treatment, but under WTO the policy is that all nations should be treated equally in terms of trade.

Any trade concessions etc offered to a nation must be offered to others. Reciprocity: Nations try to provide similar concessions for each other. Transparency: Negotiations and processes must be fair and open with rules equal for all. Special and differential treatment: A recognition that developing countries may require "positive discrimination" because of historic unequal trade," (Free Trade and Globalization, 2008 p.1). Trade is a key and central idea to the advancement of mankind and where mankind wishes to take itself in the future.

Fiscal implications abound throughout any kind of trade discussion. The WTO wishes to promote itself as an organization that, through its wide-reaching powers, acts as a body that aids in the growth and sustaining a continued practice of trading products and ideas across the national masses. In theory, global trade is a solid practice with a shared goal. The shared goal of using trade to build stronger economies throughout the modern world.ReferencesFree Trade and Globalization. Publication year: 2006.