Q5
What is the role of ‘World Trade Organization’ as an International Organization ? Why has the World Trade Organization been criticized by some countries ?
Solution
The World Trade Institution (WTO) is the sole international organisation that deals with international trade rules. The WTO agreements, negotiated and signed by the majority of the world's trading nations and recognised by their parliaments, are at its heart. The purpose is to make it easier for manufacturers, exporters, and importers to do business. The World Trade Organization's (WTO) functions include:
(i) Trade Negotiation: The World Trade Organization (WTO) oversees agreements involving products, services, and intellectual property. They lay out the liberalisation principles as well as the authorised exceptions. Individual countries' obligations to cut customs tariffs and other trade obstacles, as well as to maintain open services markets, are among them.
(ii) Monitoring and Implementation: All WTO members must have their trade policies and practises scrutinised on a regular basis, with each assessment incorporating reports from the country in question and the WTO Secretariat.
(iii) Dispute Settlement: The WTO's system for resolving trade disputes under the Dispute Settlement Agreement is critical for enforcing the rules and, as a result, guaranteeing smooth trade flows.
Various countries argue that labour and environmental issues are consistently overlooked. Increased trade might create so much harm to the environment in the absence of effective environmental legislation and resource management that the benefits of trade would be less than the costs of the environment. The WTO's "Green Room" discussion has been criticised as unrepresentative and exclusive; more active participants, representing a wider range of interests and goals, have complicated WTO decision-making.
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