World Trade Organization (WTO) is an entity that deals with rules of trade between nations globally. Its goal and objective are to help producers of commodities, exporters, and importers carry out their business. It is a symposium for governments to do negotiations and settle business disputes. Its functions are coordinated by its secretariat that employs staff and experts such as lawyers, statisticians, economists and communications specialists to ensure that activities progress smoothly and that rules of the trade are rightfully applied and enforced.
Responsibilities of WTO
The following are some of the duties that the organization does is to negotiate trade. It states agreements that spell out the concepts of modernization and empower exceptions. Procedures are set for settling disputes, and the agreements are amendable, so they are reviewed from time to time, and more rules are added to the package. Governments are involved for the purposes of trade policies transparency by creating awareness about laws and measures to adopt. Its councils and committees seek proper implementation and monitoring of the agreements by periodically scrutinizing their business practices.
The organization helps its members in resolving trade disputes and any misunderstandings between them for a smooth transactions flow. It is the only board that settles any quarrels or infringements of the agreements between the countries. WTO builds trade capacity by increasing trading opportunities and supporting them to implement technical standards (“World Trade Organization – Global Trade”). It holds various courses every year to aid the developing countries to develop the skills and infrastructure required to expand their trade. It is their obligation to Outreach and maintain a regular conversation with parliamentarians, non-governmental organizations, media and other general public to enhance cooperation and increase awareness of its activities.
In my opinion, the following three things that WTO do are the most important. Firstly, cutting the cost of living and raising the standard of living. It is very easy for a country to eradicate poverty when living costs are low. Commodities such as food, clothes and other basic needs are affordable to all individuals in the country. Trade barriers are lowered by the global system through negotiations and operate under the principle of non-discrimination.
WTO works to achieve settling of disputes and reducing trade tensions between parties. This thing yields a close relationship that has huge benefits. More trade increases the possibility of misunderstandings hence the need to settle. Before the organization was formed, such disputes erupted into serious conflict, but this tension has been currently reduced. Developing countries are very active with disputes due to their increasing participation in the trade. However, the number of their shared disputes have fluctuated over the years.
WTO has stimulated economic growth and created employment. The impact of competition from imports varies across sectors of the economy and countries as well, therefore, bearing new trade opportunities. Its aim of achieving higher living standards lead to full operation and sustainable development as expressed in the organization. This translates to a substantial reduction of tariffs and other obstacles that hinder transactions.
As I complete this report, I have learned the following two things; WTO provides a forum for negotiations of agreements that reduce obstacles to international trade, thus ensuring that the field is for all willing participants contributing to economic growth and development. Secondly, it is a legal institution with a framework for the implementation and monitoring of the agreements and handling disputes arising from its members.
Work Cited
“World Trade Organization – Global Trade”. Wto.Org, 2022, Web.