Reforming global governance - Essay Example

There were also found substantial evidence that the provisions of the TRIPs Agreement were unscrupulously invoked to advance the interests of transnational pharmaceuticals over the poor and sick patients who do not have access to essential life-saving medications. It has been uncovered that despite the flaws and partisanship of the GATS and its erstwhile predecessor Multilateral Agreement on Investment, in favor of rich nations and transnational corporations, WTO zealously worked in vain for their implementation.

Heated debates during the Seattle Millennium Round confirmed considerable inefficiency of the part of the WTO to dispense its duties for global governance of trade. In all the areas considered in this paper, WTO flaunted its corporate agenda in the guise of free trade. The World Trade Organization (WTO) is the lone international organization which takes charge of trade policies between and among nations. Its headquarters is located in Geneva, Switzerland. The aim of the global body is to assist manufacturers and traders of goods and services in their business.

Created in the year 1995 by the Uruguay Round of negotiations from 1986 – 1994, WTO now consists of 153 member countries. It main functions include: (1) administration of WTO trade agreements; (2) provision of a forum for trade-related negotiations; (3) handling of trade dispute; (4) monitoring of trade policies; provision of technical assistance and training for developing countries; and (4) cooperation with other international organizations. The WTO budget for the year 2009 is 189 million Swiss francs.

It present director-general is Pascal Lamy (“What is”, 2008). The WTOs founding and guiding principles remain the pursuit of open borders, the guarantee of most-favored-nation principle and non-discriminatory treatment by and among members, and a commitment to transparency in the conduct of its activities. The opening of