Key term and why you are interested in it
Globalization as we know it began back in history and not in the recent technological times. The main factor that led to the spread and exchange of political, social and economic ideas was trade. Organizations such as the World Trade Organization are proof of the existence of globalization and the fact that trade was the main driving force behind this phenomenon. The World Trade Organization deals with the rules and regulations governing the exchange of goods and services at a global or near global level. The main reason why it is interesting to study the WTO is because it responsible for trade across a large geographical area and it is interesting to know how such a feat is achieved. The formation of a body large enough to govern trade at a global level is not merely intriguing, but also intellectually fulfilling when one gets to study the control forces, rules of trade, making of international bodies and other aspects of trade.
Explanation of key
The WTO is a body that provides and regulates the rules of engagement in trade among countries. The body creates the platform for the negotiation of trade deals, lowering and elimination of trade barriers and fair trade (Satterlee, 2009). The body ensures that local and foreign industries get the same treatment. It also determines the trade policies, quotas and limitations that should be used in trade between the developed and the developing countries.
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Major article summary
The WTO became operational in 1995 to govern and regulate trade interactions among countries at a global scale. The most basic functions of the organization are that it provides a platform for negotiation; it also acts a mechanism for settling disputes and lastly, it is administers trade at the international scale. As an international body, WTO looks at ensuring there are mutual gains for all members in the economic sphere (Elsig, Eckhardt & Iliuteanu, 2013). The organization has changed some parameters in global trade since its inception such as the introduction of multi-stakeholder model for governing trade relations and created a balance of power with focus to the emerging markets.
Discussion
The WTO changed from the General Agreement on Tariffs and Trade (Brookings Institution, 2016). Since its inception, the organization has managed to effect ad accomplish great deeds in the economic sphere. The organization has been able to promote economic growth, employment and development. These achievements have gone a long way in alleviating poverty in developing countries and promoting growth in countries that have economic downturns and uncertainties. The vulnerability of developing countries to structural limitations has been reduced so as to ensure there are mutual gains among all members. The WTO states in its declaration that it will ensure the active participation and transparency of all its members (World Trade Organization, 2001). It is interesting to note that there are various committees under the WTO. These committees serve different purposes. Nevertheless, there is the collection of data and exchange of information to ensure the unified operation of all the committees towards the objectives of the WTO.
In conclusion, the World Trade Organization is an international body that seeks to put a balance in the economic sphere at a global level. The body uses its mandate to help both developing and developed countries to get the most out of trade. Trade being the biggest driving force of globalization has to be regulated so as to ensure the powerful countries do not take advantage of the less developed countries. The body has committees that make sure the objectives and goals of the body are met. It regulates the policies, trade barriers, trade quotas and limitations involved in trade.
References
Brookings Institution. (2016). The WTO and GATT: A Principled History . Retrieved from: https://www.brookings.edu/wp-content/uploads/2016/07/selfenforcingtrade_chapter.pdf
Elsig, M., Eckhardt, J. & ILinuteanu, M. (2013). Functioning of the WTO . Retrieved from: https://www.ictsd.org/downloads/2013/03/functioning-of-the-wto.pdf
Satterlee, B. (2009). Cross Border Commerce . Kennewik, USA: Synergistics Inc.
World Health Organization. (2001). Ministerial Declaration . Retrieved from: www.un.org/esa/sustdev/documents/Doha_declaration.pdf
