World Trade

The World Trade Organization (WTO) was established January 1, 1995 that was created to regulate trade between nations. The WTO assists nations in goods production and those who export goods in maintaining good business practices. This regulatory body is a members run and rule based organization. The rules are instituted and agreed upon by its members and their respective country’s governing body.   Some of the issues that they address are disputes over trade, negotiate trades, and provide assistance to developing countries. Another key function of the WTO is that they monitor trade policies. This is essential because there is a universal set of policies that each country must adhere when participating in a trade agreement with another country.
One trade topic the site reviewed that is imperative is the assistance of trade in developing countries. Developing countries have difficulty acclimating to a multilateral trade system and being able to participate in such a system.   One way that the WTO is attempting to address this issue is through the establishment of the Doha Development Agenda (DDA).   It was a collection of discussions conducted by twenty members to address the issues facing developing countries. The DDA seeks to examine the issues that developing countries face and negotiations for work programs. The DDA will continue to meet to address these issues and make plans to assist these countries to enter into the multilateral system of trade.
From reviewing this site, I have learned that without the establishment of this organization that trade relations between other country’s could become abusive and have detrimental effects on the respective countries. Having a regulatory body, that can monitor trade relations assists each country in having a fair shot at contributing to the world market and earning the money that they have worked hard for through their goods production, imports, and exports. These things are fuel for the world’s economy and without the...