Nowadays, in our world there are lots of international trade and economic organizations with a wide and narrow participation. However, a major role in shaping trade flows, and setting the rules for the introduction of international business plays the World Trade Organization (WTO). In this essay I am going to write about the WTO, its structure, advantages and disadvantages of its rules among different countries. In addition I am going to identify mojor benefits of its excistence.
The WTO is an organizational and legal framework of international trade. Its instruments define the key contractual obligations that should guide the government in creating and enforcing national laws and regulations in the trade. In addition, it is a forum where trade relations between countries emerg in the process of collective debate, negotiation and conciliation.
In deciding on the establishment of the WTO, the negotiating parties were guided by the following general considerations: firstly, the special significance attached to international trade in terms of growth in living standards, and secondly, for its commitment to the principles of fair and free trade. Thirdly, the GATT agreement play exceptional role in creating equal opportunities for participants in international trade.
The WTO has operated from 1 January 1995. The decision on its establishment was made in the late years of negotiations in the Uruguay Round of GATT, which were completed in December 1993. Officially, the WTO was formed at a conference in Marrakesh in April 1994, therefore agreement establishing the WTO is also known as the Marrakesh Agreement.[1]
The main functions of the WTO are monitoring of compliance with the basic WTO agreements, creating conditions for negotiations among WTO member countries on foreign relations, settlement of disputes between states on foreign trade policy, control over the policies of WTO members in the field of international trade, assisting developing countries,...