World Trade Organization (WTO) in Action in Different Countries

WORLD TRADE ORGANIZATION (WTO) IN ACTION IN DIFFERENT COUNTRIES
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World Trade Organization (WTO) in Action in Different Countries
Introduction
The WTO is an international entity that was established on January 1, 1995. Its inception resulted from the Uruguay Round of multilateral trade negotiations from 1986 to 1994. The WTO aims to facilitate the flow of goods, services, and intellectual property between member countries while promoting fair competition, removing trade barriers, and reducing trade tensions. The foremost objective of the WTO is to develop and offer ease to the member states to discuss and sort out trade accords or differences, if any. It also aims to ensure that trade policies and regulations are transparent and predictable, reducing the risk of trade wars and protectionism (Wolff, 2022). The WTO promotes economic growth, development, and job creation worldwide by encouraging and facilitating trade. The WTO has 164 member countries, speaking for about 98% of world trade. The target countries of the WTO are all countries that participate in international trade. Membership is open to any country that agrees to abide by the organization’s rules and regulations. One of the main agendas of the WTO is to develop free and open trade between member states. The organization has established several agreements covering different trade areas (Soobramanien et al., 2019). These agreements include the General Agreement on Tariffs and Trade (GATT), which regulates the exchange of commodities; the GATS, which governs the business of services; and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), which regulates the trade of secretive ornaments. In this essay, I will argue that while the WTO has benefited countries in the Global North, it has also worked to promote countries’ interests in the Global South. The WTO has implemented policies and programs to reduce trade barriers and promote economic growth in developing countries. Additionally, the WTO has played an essential role in providing a forum for governments to negotiate and resolve trade disputes.
Discussion
WTO in Global South and North Countries
The WTO is an international organization that aims to ensure loose trade and economic development among its member countries. It was established in 1995 and currently has 164 member countries. The WTO plays a crucial role in shaping global trade policies and has been the subject of much debate regarding its effectiveness in promoting fair and equitable trade between countries, particularly between the South and North countries. An influential agenda of the WTO is to promote development and economic growth in emergent states. The organization ensures technical support and capacity-enhancement plans to help developing countries participate in the global commerce mechanism. It also grants preferential treatment to these countries by allowing them to protect specific domestic industries and exempting them from certain trade obligations (Schütze, 2018). In recent years, the WTO has also focused on promoting environmental sustainability and addressing the challenges of climate change. The...