Evaluation OF WTO

Evaluation of the success of the WTO in promoting world trade over the last fifteen years.

Evaluation of the success of the WTO in promoting world trade over the last fifteen years

Introduction

The World Trade Organization (the umbrella organization of the contracts GATT , GATS and TRIPS) is an international organization based in Geneva , which deals with the regulation of trade and economic relations. It was established on 15th April 1994 in Marrakesh , Morocco from the General Agreement on Tariffs and Trade (GATT) in the Uruguay Round established after seven years of negotiations. On 1st January 1995 it began work in Geneva. The WTO is in addition to the IMF and the World Bank negotiated as one of the key international organizations, trade and economic policies with a global reach. The aim of the WTO is to reduce trade barriers and thus the liberalization of international trade with the secondary goal of the international free trade . It is also responsible for the ADR in commercial disputes. The core of these efforts are the WTO agreements, which were developed by the major trading nations and signed. The current contracts are the result of the so-called Uruguay Round , in which the GATT agreement was revised. In economic policy , the WTO pursues a liberal foreign trade policy , with the deregulation and privatization goes hand in hand.This paper evaluates the success of World Trade Organization in promoting world trade over the last fifteen years, and evaluates the reasons/factors behind its success.

Discussion on tasks and principles of WTO

Over the past fifteen year World Trade Organization has achieved significant success. The key forces behind WTO's success are its two core tasks and its principles. The core tasks include coordination function and dispute deision function.

Coordination Function:

Task of the WTO it is, its Member States in their trade policy advice to, and then coordinate the policies of individual countries together. This happens mostly in the context of multilateral negotiations. Furthermore, the WTO is committed, through collaboration with the International Monetary Fund (IMF), World Bank and other international institutions to join a coordinated trade policy with each of the desired currency and development policy.

Dispute decision function:

The dispute resolution function of the World Trade Organization is in the Dispute Settlement Body realized (DSB). Accordingly, the DSB also an instance with the moral and diplomatic function. The DSB, however, other states that consider themselves harmed by conduct that authorize them to click a breach of law with trade sanctions to respond. With the dispute resolution process, the WTO provides the only global international organization with an efficient, internal dispute resolution mechanism. Every year, between 20 and 40 cases brought before the DSB, from 1995 to November 2009, there were a total of 401 cases. One prominent case was about the steel dispute between the U.S. and the EU (Lanye, 2003, Pp. 221).

The princliples of WTO play a crucial role in achieving its objectives and goals. All WTO members have committed themselves to respect some ...