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THE ROLE OF WORLD TRADE ORGANISATION (WTO) IN PROMOTING FREE AND FAIR TRADE
Authors
ASWANI J S
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Keywords
(Key Words: World Trade Organization (WTO), Free Trade, Fair Trade, Trade agreements, Trade Liberalisation)
Abstract
This paper mainly focus on the World Trade Organisation (WTO), which promotes and supports free and fair trade among its member countries and has been instrumental in influencing the nature of international trade. This research explores the WTO's complex role in advancing free and fair trade by examining its institutional structure, historical development, and current global concerns. An important turning point in the history of international trade relations was the establishment of the WTO in 1995. This paper says that the WTO's institutional framework, which consists of a set of agreements and regulations, is the cornerstone of its work to promote free and fair trade. This paper also mentions the Most-Favoured-Nation (MFN) and National Treatment principles, which mandate that members provide equitable trade conditions to all other members and refrain from discriminating between domestic and foreign goods and services, which form the foundation of WTO operations. These principles advance equity by prohibiting preferential treatment that can stifle trade. Global trade barrier reduction has been fuelled in large part by the WTO. The organization has successfully cut tariffs and quotas, streamlined customs procedures, and removed non-tariff barriers via successive rounds of negotiations, including the Uruguay Round and the Doha Development Agenda. These achievements have made it easier for goods and services to move across borders.
Furthermore, the WTO's goal of promoting free and fair trade is in jeopardy due to the growth of protectionism in certain member nations, as shown by trade disputes and tariffs. Opponents of the organization's rules argue that they unfairly benefit rich countries and multinational firms, potentially undermining the interests of smaller and developing nations. The World Trade Organisation plays a diverse role in advancing free and fair trade, involving removing trade obstacles and advancing equal treatment. Its institutional structure, historical development, and dispute resolution procedures are essential to accomplish these goals. To remain relevant and effective in promoting free and fair trade worldwide, the organization must continue negotiating and reforming in the face of persistent difficulties and controversies in adjusting to a fast-changing global economic landscape.
IJCRT's Publication Details
Unique Identification Number - IJCRT2401782
Paper ID - 250394
Author type - Indian Author
Page Number(s) - g630-g642
Pubished in - Volume 12 | Issue 1 | January 2024
DOI (Digital Object Identifier) -
No Of Downloads - 44
Author Country - India, 560029, Bangalore, Bangalore, 560029, Others area
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ASWANI J S, "THE ROLE OF WORLD TRADE ORGANISATION (WTO) IN PROMOTING FREE AND FAIR TRADE", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.12, Issue 1, pp.g630-g642, January 2024, Available at :http://www.ijcrt.org/papers/IJCRT2401782.pdf
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