WTO

International Business

[Institute's Name]International Business

Introduction

It will not be imprecise to enunciate the widely revered fact with sheer conviction and eloquence that the world and its societies have lost the novelty they once endured. A lot has changed since primitive times with respect to the specifications of the world and the domains that operate within it. Gone are those days when the societies and communities would operate in their confined geographical boundaries, and would rely on what nature has blessed them with, rather than endeavoring to explore new and unseen opportunities. The previously mentioned connotation is believed to be a perfect fit for the modern world, corporate and international trade domain.

Major Indicators Guiding International Business Growth

Over time, the inexperienced minds have been hearing the term international trade or business. Interestingly, if a person who died three centuries from now is reincarnated in this world, the societies would seem nothing less than an indefinable marvel to him. With the technology and scientific advancements surrounding him, what would be more amazing and perplexing for him, is the fact, as though how even a minor organization, operates beyond the conventional boundaries of the country's geography. His perplexity and bafflement may primarily revolve around the comfort or ease of embarking on other regions with trade purposes, and the mannerism in which businesses are executed (Tinsley et al, 1999, pp 95-97).

However, at this stage a naïve yet cognitive mind is forced to chafe his cognitive abilities to assimilate the factors and the aspects that paved way for the international business to take make a mark in the corporate arena. The first and foremost factor, besides the advanced technology, accessible communications, and unimpeded logistics or transportation, is that of globalization. Since, the advent of globalization not only the barriers between the countries have been lowered down, but the entire world seems to have embarked on the unified highway, for the purpose of unseen facets of progress and prosperity, by joining hands with other countries and knocking on new doors of opportunities and welfare, by expanding the business horizons (Kraft, 2006, pp. 42).

The Role Of WTO In Facilitating Free Trade

Since the second world war, the super powers or the influential countries, sought down numerous manners, via which the destruction and horrible detriments of the past wars are controlled and curbed. Also, now the world can be facilitated with the alleviated and palliated bodies that can open new avenues of opportunities for various countries, and may even act as a bridge between the developed and the developing countries (Bhagwati, 2001, pp 15). Amongst the numerous bodies devised for the previously mentioned purpose, a formal and authenticated body that astutely and concretely validates the provision of business activities, between two separate business entities, as well as between numerous countries is WTO (Irwin, 2000, pp 351).

The biggest debate regarding the well revered role of WTO revolves around the pivotal role that has been played by this body in paving unimpeded and unobstructed way for the free trade ...