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.