Economic Benefits of the Recent Trade Negotiations at the WTO

Abstract

This paper intends to identify and assess the economic benefits that might occur as a result of a successful conclusion to the recent trade negotiations at the WTO (world trade organisation). It further explains theories related to economic and trade. The paper starts with an introduction on WTO. Afterwards, it describes theories in order to explain trade liberalization. It also includes the problems and challenges experienced by WTO. In addition, this paper also present critical analysis of Doha Round between developed and developing countries. In this context, the paper examines cost and effects of the wars in Afghanistan and Iraq. This world is made up of intricate elements and constituents. This paper is succinct; however, it strives to replicate the dynamic and complex temperament of trade. It shed lights on a number if advantages of the trading system of WTO, nevertheless it does not assert that every element is prefect, or else there would be no requirement for the system and for negotiation to reform and reform continuously.

Abstractii

Introduction1

Discussion2

Overview of the WTO Trade Negotiations2

Failure at the Doha Round3

Concept of Trade Liberalization5

Economic Theory and the Plans of the WTO7

Role of WTO and the Ways of being Successful9

Assistance to developing economies and economies in transition9

Specialized help for export promotion: International Trade Center10

WTO cooperation in the formulation of economic policy worldwide10

Provision of Information to the Public11

Maintaining Harmony Through Protection Theory12

How the WTO Systems Facilitates Conflicts to be dealt with Positive Approach?13

Success of WTO in Making Life Easier15

Conclusion16

References17

Economic Benefits of the Recent Trade Negotiations at the WTO

Introduction

Initiating from the funds in our pouches and the services and goods that human beings utilized, to a diplomatic world, the trade system and the WTO provide a variety of advantages. A number of benefits are well recognized and others are not noticeable. The multinational organization, which oversees the regulations of trade among countries, is known as WTO. Some imperative functions and responsibilities of this organization include administering trade agreements of WTO and formulating forum for trade negotiations. It also deal with trade conflicts, monitors local trade policies, supports training and technical assistance, and cooperates with multinational companies and entities. Besides all these positive aspects of WTO, it is not necessary that every person concurs with every aspect of the WTO. This is the most important motive behind existence of this system. It is a discussion platform for nations to beat out their distinctions trade concerns. In this framework, the system of WTO includes the following benefits:

The system of the WTO encourage harmony,

Conflicts are dealt with positive approach,

Rules and regulations make all things easier,

Freer trade reduces the living costs,

It offers a variety of qualities and products,

Through increased trade, income is also raised,

Trade encourages economic development,

The fundamental standards make life efficient and effective,

Governments are protected from entrance of various trade and industries, and

The system motivates effective government

Discussion

World Trade Organization (WTO) is an international organization which deals with the international trade between nations all over the ...