Evaluation Of Wto

Topics: Economics, International trade, Economy Pages: 3 (290 words) Published: April 11, 2015
Evaluation of WTO
• WTO has come to ply a very important role in the global, and thereby, national economies. National economies policies are significantly influenced by the principle, policies and
agreement of WTO. Because of this there are severe criticism against WTO , particularly in the developing countries..
Despite their shortcoming , growing acceptance of WTO is
evident by the increased number of member countries. The
membership of WTO increased from 23 nations in 1947 to 160
in the year 2014. In fact WTO had both positive and negative impacts.

Benefits of WTO
• GATT/WTO has made significance achievements in reducing
the tariff and non tariff barriers to trade including in
developing countries too
• The liberalisation of investment has been fostering economic growth of a number of countries
• The liberalisation of trade and investment has been reslting in increase in competition, efficiency of resource utilisation, improvement In quality and productivity and fall in prices and acceleration of economic development

• WTO provides a forum for multilateral discussion of economic relation between nations
• It has a system in place to settle trade disputes between nations
• WTO does a considerable re-searc h related to global trade and disseminates a wealth of information

Drawback/Criticisms
• Negotiation and decision making in the WTO are dominated by developed countries
• Many developing countries do not have the financial
knowledge resource to effeciently participate in the WTO
discussion and negations
• Because of the dependence of developing countries on the developed ones, the developed countries are able to resort to arm twisting tactis
• Many of the policy liberalisation are done without considering the vulnerability of the developing countries and the possible adverse effect on them
• The WTO has not been successful in imposing the
organizations disciplines on the developed countries

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