Examine the role of the World Trade Organization WTO Identif

Examine the role of the World Trade Organization (WTO). Identify at least one argument for and one argument against the WTO.

Solution

Role of World Trade organization (WTO) :-

1) It acts as watchdog of international trade.

2) WTO regularly examines the trade regimes of individual members.

3) Trade disputes that can not be resolved through bilateral talks are adjudicated under WTO Dispute Settlement Court.

4) WTO is management consultant for world trade.

5) It oversees the implementation of significant tariff cuts and reduction of non-tariff measures agreed in the trade negotiations.

Argument against WTO:-

Some schloars are of view that there is no use for developing country like india to be member of the WTO. According to them, major volume of international trade occurs among the developed nations. Developing countries are cheated as they are forced to open up their markets for developed countries and are not allowed access to the markets of developed nations.