{"id":51754,"date":"2019-08-31T17:27:38","date_gmt":"2019-08-31T11:57:38","guid":{"rendered":"https:\/\/blogadmin.forumias.com\/?page_id=51754"},"modified":"2019-08-31T17:27:45","modified_gmt":"2019-08-31T11:57:45","slug":"answered-the-inability-of-the-wto-to-rein-in-global-trade-tensions-has-raised-questions-about-its-relevance-in-todays-world-examine","status":"publish","type":"page","link":"https:\/\/forumias.com\/blog\/answered-the-inability-of-the-wto-to-rein-in-global-trade-tensions-has-raised-questions-about-its-relevance-in-todays-world-examine\/","title":{"rendered":"[Answered] \u201cThe inability of the WTO to rein in global trade tensions has raised questions about its relevance in today\u2019s world.\u201d Examine."},"content":{"rendered":"\n
Demand of the question<\/strong>
Introduction.<\/strong> Contextual Introduction.
Body. <\/strong>Relevance and problem faced by WTO. What should be done?
Conclusion. <\/strong>Way forward. <\/td><\/tr><\/tbody><\/table>\n\n\n\n

The World Trade Organization (WTO) is the principal forum for setting the rules of international trade. In its two decades, it has helped reduce barriers to trade in both goods and services and created a dispute resolution system that has reduced the threat of trade wars. However, the institution is under considerable pressure. Disagreements over agricultural subsidies and intellectual property rights, separate bilateral and regional free trade agreements has reduced its effectiveness. <\/p>\n\n\n\n

Relevance of\nWTO:<\/strong><\/p>\n\n\n\n

  1. Administers signed agreements: <\/strong>It\nadministers existing multilateral trade agreements, for example Trade Related\nAspects of Intellectual Property Rights (TRIPS) Agreement.<\/li>
  2. Settles disputes and prevents trade wars:<\/strong>\nIt settles disputes among its members through its Dispute Settlement Mechanism.<\/li>
  3. Manages new negotiations: <\/strong>It serves as a\nplatform and manager for negotiations on new global trade agreements like Doha\nRound.<\/li>
  4. Rules-based multilateral trading system:<\/strong>\nWTO ensures that global trade is based on universal rules suited to and\naccepted across the world.<\/li>
  5. Stimulates global growth: <\/strong>By removing\ntrade barriers it provides more markets to world\u2019s resources thus stimulating\nglobal growth.<\/li>
  6. A global arbitrator: <\/strong>WTO functions as an\narbitrator between warring countries and aims at building commonality in\npolicies and practices.<\/li>
  7. Promotes standardisation:<\/strong> WTO and its\nmembers set standards of trade in goods, services and IP governance which\nreduces gaps between the quality produced and quality in demand.<\/li><\/ol>\n\n\n\n

    Problems faced\nby the WTO are:<\/strong><\/p>\n\n\n\n

    1. Dispute settlement cases continue to be filed\nfor the time being and are being litigated. <\/li>
    2. Technical functioning is now wholly inadequate\nto meet the major challenges to the strategic relevance of the WTO in the 21st\ncentury. In critical areas, the organisation has neither responded, nor\nadapted, nor delivered.<\/li>
    3. Dimensions of its structures and functions are\nfragile, creaking, and failing in parts.<\/li>
    4. Agricultural and industrial subsidies have caused\nblockages in the system and prompted protectionist reactions in a number of WTO\nmembers.<\/li>
    5. The WTO lost the critical balance between the\norganisation as an institution established to support, consolidate, and bind\neconomic reform to counter damaging protectionism, on the one hand, and the\norganisation as an institution for litigation-based dispute settlement, on the\nother hand. <\/li>
    6. The unilateral tariffs threatened by the U.S.\nand China on each other, in their ensuing trade war, don\u2019t adhere to the WTO\u2019s\nestablished procedures thus undermining its credibility.<\/li><\/ol>\n\n\n\n

      What should be\ndone?<\/strong><\/p>\n\n\n\n

      1. Launch negotiations to address the intertwined\nissues of agricultural subsidies and market access, while recognising that food\nsecurity concerns will not disappear.<\/li>
      2. A credible trading system requires a dispute\nsettlement system that is accepted by all.<\/li>
      3. Launch serious negotiations to restore the\nbalance.<\/li>
      4. GATT\/WTO rules in a number of areas are\noutdated. New rules are required to keep pace with changes in the market and\ntechnology. <\/li>
      5. A reformed WTO will have to be constructed on\nthe foundation of liberal multilateralism, non-discriminatory pillars. <\/li><\/ol>\n\n\n\n

        Although WTO has many achievements in its name, WTO has failed in many fronts. It failed to build a consensus among developed and developing countries on important issues like agriculture, services trade and distorting subsidies by developed nations, as corroborated by the stalemate in Doha talks. WTO need to modify its vision in accordance with present challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"

        Demand of the question Introduction. Contextual Introduction. Body. Relevance and problem faced by WTO. What should be done? Conclusion. Way forward. The World Trade Organization (WTO) is the principal forum for setting the rules of international trade. In its two decades, it has helped reduce barriers to trade in both goods and services and created… Continue reading [Answered] \u201cThe inability of the WTO to rein in global trade tensions has raised questions about its relevance in today\u2019s world.\u201d Examine.<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":2292,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-51754","page","type-page","status-publish","has-post-thumbnail","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/51754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=51754"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/51754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/2292"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=51754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}