The World Trade Organization Essay -- International Monetary Fund

The World Trade Organisation (WTO) is today seen as wiz of the pillars of international address and financial systems of the gentlemans gentleman alongside the World assert and the International Monetary Fund, despite being only sixteen age old. With what began as the succession to the previous guidelines and rules set out by the common Agreement on Tariffs and Trade back in 1948, it is now seen as the main unifying force of innovation trade today a key player in both the conduct of trade relations and global governance. (Herman, 1999) Today, as the worlds economy and its nations continue to win over and grow together with the global business environment itself, the WTO has faced immature challenges and perhaps its biggest challenges to date which question the relevance and prospective of the WTO. The essay go away address such c at a timepts through the analysis of the WTOs main role, the splendour and successes of the WTO to date, the challenges it soon faces and a loo k towards its potential relevance in the future of world trade. The discussion will be aided through the role of published data, literature, online sources and journals. (WTO, Trading into the future 2011)Beginning with only 23 members, the WTO currently stands at 153 members representing a total of 97% of all world trade although this is set to increase following Russias accession into the WTO. This statistic details the immenseness of the WTO as the only international body that deals with the rules of trade between nations. (Hamilton, Webster 2009) The WTO was created as the previous system the General Agreement on Tariffs and Trade (GATT), unavoidable an institutional and stronger framework to allow them to drive forward policies and advice. The WTOs overriding principle is to help free trade,... ...ineffective with the growing number and diversity of members. Suggestions to stamp down the problem include Critical-Mass thinking and the creation of smaller groups of member s based on similar trading characteristics may improve the system. In set out of the novel financial crisis the role of the WTO is critical, in which its positive impact on world trade to date may become forgotten in light of recent criticisms. The WTO needs correct leadership to overcome the challenges today, to maintain its future survival and ensure it continues to be of success and further improve world trade. If change is not implemented successfully, the great negotiation forum it once was it will instead result in a forum in which the great members will struggle to compromise on trade issues thus harming the WTOs main purpose which is to encourage the growth of world trade.