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World Trade Organization (WTO) In Today's International Economy

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ROLES OF WORLD TRADE ORGANIZATION (WTO) IN TODAY’S INTERNATIONAL ECONOMY The existence of the World Trade Organization (WTO) in international arena is so indispensible to all sovereign state. WTO is one of the most important international organization nowadays. It is an organization that manages all forms of matters relating to the trade activities among states in the global world. Generally, World Trade Organization was established in 1995 under the Marrakech Agreement and it is the replacing of the older organization namely as General Agreement on Tariffs and Trade (GATT). Nowadays, most of the sovereign states are the members of WTO. Basically, all forms of rules and regulations that has been drafted by the WTO is only for benefits of all …show more content…

When all these objectives are achieved with a great a great success, the level of the world economy will continue to increase from time to time and all states will be developed with a great progress together. Like other International Organization, in order to ensure the successfulness of the objectives and goals drafted, the functions of World Trade Organization must be clear in all aspects. Every single functions and role of World Trade Organization must be explained clearly so that everyone can understand and know better. When all sides understands its function clearly, all those targeted objectives will be achieved very well. As mentioned above, most of the objectives of World Trade Organization (WTO) are intended to give benefits to all the parties or members to the agreement. World Trade Organization (WTO) has their own roles and functions in ensuring the benefits of international trade can be gained by …show more content…

Currently, WTO has around 161 members around the globe. Realizing the importance of international trade activities, the government of the states or the members of WTO are need to compete to each other in a healthy way. The good competition among states is needed in boosting up the world economic performance. In dealing with other states, a government will use its negotiation skills to achieve their state’s goals. In the other words, state’s goals can be define as the national interest. When there are too many agreement made up by the members of World Trade Organization (WTO) among them, there must be a situation which can cause a conflict among them and it calls ‘dispute’. Dispute can happen in many ways. In international trade activities, more trade in goods and services, they can bring benefits to all. Sometimes, they also can increase the potential for friction among them and we calls it as

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