MT330: International Marketing – World Trade Organization (WTO)

World Trade Organization

It is an intergovernmental organization which regulates international trade, it has a membership of 123 nations and it attempts to complete development by focusing on developing countries. The organization is regarded by analyst that it’s a tool that oversee bilateral trade agreements and implementations, in this case they provide  a forum for negotiations  and for settling disputes.

The integral agreement of WTO is to review and propagate  the national trade policies  and also to ensure  the coherent responsibility and transparency  of trade policies  through surveillance  in global economic  policy making, moreover they  provide assistance to  least  developing  and also low income  countries in transition  to adjust  WTO  requirements. It emphasizes  the  need of partnership  of various fields needed d in promoting  trade and economic  endeavors, the agreements suggest  the need of raising the  standards of living  by ensuring  that majority of population accesses to  full employment and steadily growing the income level of the  nation.

According  Pauwelyn, (2003), The expansion of  goods  and service production  allows the optimal use of  the resources, that is in accordance  with the mutual agreement of  ensuring  that there is   sustainable of  development  by seeking to  protect and preserve the  environment

Furthermore ,there was need  for positive  efforts designed to  boost development  and secure a share in  economic growth internationally.WTO being a trading system  lays  a vital role  with regard to its member state ,particularly, the benefits to its members is that ,it  focuses on  promoting  peace  which is the fundamental  principle  in seeking smooth flow of trade, its members are provide with  a constructive  and fair outlet  for dealing with  disputes  arising from the trade  issues, the outcome of international  confidence  and  cooperation among the member states creates a reinforced system  of trade, this has  successfully  proved  to be conservable in enhancing the global trade,

In addition, the  members receive conflict resolution support  since the system allows  a comprehensive process of constructively dealing with disputes, as trade expands in volume base on the number of products traded, (Fernandez  and David 2003),

The company’s  existing in different countries  receive a greater  chance  sine the system helps resolve the disputes peacefully, However, there could be the  a downside  to trade liberation  an expansion of  more trade, it  means  a more opportunities  for disputes   resulting  to conflict hence  the reason   why trade tension  is  reduced  by the organizations like WTO.

The  other benefit of being a member is that the system is based on rules rather than power, this makes life easier for all. Here, the organization  claim to make all countries  equal but it does not reduce the some inequalities  by giving g smaller countries more voices  an at the same time freeing the major  powers,  from the complexity  of having  to negotiate  on trade agreements  with each of their numerous  trading canters. This makes it easier for all the countries to enjoy increased bargaining power.

The focus theme of the future is the concern of expanding the scope of issues  and associated  controversies  that are  defined to fall within the trading system. It might weaken the WTO programmes hence there is need to greatly transform and revamped the existing wave of political among the member state that might long left behind the import and export of goods and services.

The nations that relate to one another forms a firm foundation of global trade system  thus  enhancing multilateral trading system.Members of the congress and other united states   together with China   in 2001 fueled  Russia`s  interest  and concern to  join  the international organization,(Marceau 2002),

The accession of Russia to WTO is subject to parliament approval though it’s the largest economy nation. In joining the  WTO, Russia  being  the world super power, they will have to  stay  low and get committed to bring its trade laws and  practice  into  compliance  guided by  WTO .the rules helps in  market opening measures, as WTO enhances the  lo developing states, Russia will lie low  but will have a voice  of shaping and implementing the  international trade  regime which  will be able to  hold close partnership  so  as to conduct  economic reforms therefore  this might impact the selling of products by other developing countries.

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