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World Trade Organization Essay Example

World Trade Organization

The World Trade Organization also failed to make clear the deliberately vague rules on the concluding trade agreements which can allow the developing or less prosperous countries to be influenced by the rich states. There are no such clear rules to protect the farmers or poor people while negotiating with the European Union as the poor African Countries have been forced to abolish tariffs on up to 90 percent of total trade. The World Trade Organization has failed to fulfill its agenda of protecting the interest of the developing countries in the arena of international trade which has been largely due to the influence of the global economic superpowers. The rules proposed by the World Trade Organization for the developing countries were special and differential treatment rules which were meant to be reviewed by the WTO. The proposals have failed due to the interests of the global economic superpowers. The implementation of special economic zones and export processing zones in the less prosperous and less developed countries were proposed in order to maintain the equilibrium in international trade by stimulation of foreign investments which proved to be a failure (Ratnesh, 1999, p.47). WTO has also not been able to minimize the legal costs through improved access to its complex legal system to the poor countries. WTO failed to curb the protectionist measures of the G20 countries. All these led to the hijacking of WTO by the rich countries that worsened the conditions of the poor nations. The theories of comparative advantage could be used to explain the activities of intervention by these global economic forces towards implementation of provisions by the World Trade Organization in order to protect the interests of the developing countries in international trade (Bhandari, 1998, p.122). The advancements in the technological sphere, growth of investment and production in the rich countries have increased their voting rights in the WTO for which the interests of the poor and less prosperous countries have been jeopardized.

preview essay on World Trade Organization
  • Pages: 3 (750 words)
  • Document Type: Coursework
  • Subject: Macro & Microeconomics
  • Level: Undergraduate
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