Report the World Trade Organization (WTO)

                The people related to some sort of business have essentially heard about WTO, but many may not have been fully known to the facts that what WTO does, and what is the purpose of its existence. It is important for the nations to know who do business on international level that why WTO was formed, and what basic functions are performed with regards to international trade regulation. The World Trade Organization (WTO) is one of the major international bodies, and its role is the administration of trade agreements as well as commitments that have been made by the countries with each other. It means that a basic is set by the WTO on these trade commitments, which later can be expanded to come up with various trade agreements. It is important to understand that decision making in WTO is not a simple task, rather it needs a lot of thinking and a complete consensus, and otherwise terms between the countries cannot be proceeded if there is any issue or objection of any sort. It is a notable thing about WTO that if any dispute arises between the countries due to any reason, then there is dispute settlement body of WTO, which plays its part in resolving the dispute by acting like an interpreter as well as adjudicator of the given rules (Explaintrade.com, 2018)

        It is also important to have a look at international trade regulation done by WTO. The vital part of WTO existence is handling trade agreements with certain trade regulations for the countries, and these trade agreements can be of various types such services, goods, intellectual property or many other categories of business. The purpose of these trade regulations is to form a level playing field for all, where process remains simple and predictable. Various types of elements are included in trade regulation of WTO such as “goods schedule”, which means that every member of WTO will come up with its maximum tariffs about any of their product, which can be offered to other members. Seemingly, a “services schedule” is also developed by WTO, which states that each member will agree on some sort of schedule, where selling of countries will not be interfered in any terms. One more important trade regulation implemented by WTO is transparency, which means that all WTO members will be agree to give information regarding their trade so that they know how things are being done (Explaintrade.com, 2018)

Mission Statement & Objectives of The World Trade Organization (WTO)

        It has been observed that WTO has not provided any specific mission statement, which can be analyzed, but they have given a general statement, which certainly give a clear hint that what is purpose and objective of WTO to exist. The general statement provided on their official website is given as “The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business”. This statement very much sums up the situation for the World Trade Organization (WTO, 2019 a)

        It has also been observed that there are few key objectives associated with WTO like their major objective is to not only se rules, but also enforce them to handle international trade. The other primary objective of the WTO is to provide liberalization of trade by providing a platform to negotiate as well as monitor things. In addition to that WTO exists to resolve any kind of trade disputes between member nations and to increase the level of transparency. The other vital objective of the World Trade Organization is to ensure that developing countries are able to get benefits from the global level trading system, because these countries are behind developed world in so many ways (Anderson, 2019)

The Structure of The World Trade Organization (WTO)

            The structure of WTO is not that complex to be understood. There is actually a WTO secretariat, and head of this secretariat is the Director General. But the actual head of the WTO is the Ministerial Conference and an absolute power and authority is enjoyed by Ministerial Conference over WTO as an institution. The major responsibility of Ministerial Conference is to handle all kind of functions of WTO, but adequate and required measures are also taken by them. The third major part of their structure is their General Council. It is important to realize the fact that General Council of WTO has the responsibility of overseeing WTO trade agreements as well as keeping an eye on all kind of ministerial decisions made on regular terms (Pal, 2019)

How The World Trade Organization (WTO) Impact Business?

            The WTO marks so many impacts on business on global scale because its regulations are very broad in nature, which covers so many elements of the international business and trade. They are making many positive effects on business especially in the developing world as they come up with so many aspects, which not help to stimulate the process of economic growth, but also increase the level of employment, because with their help, the new jobs are created with expansion in business on international level. They help to open the level of economies so that they cannot only grow steadily, but faster as well (WTO, 2019 b)

The World Trade Organization (WTO) increasing International Trade by Reducing Trade Barriers

        The organization is playing its critical part in reducing the level of trade barriers between countries so that international trade market is more open for all, especially the developing world, who are behind the world in this regard. They help to resolve disputes and allow countries to form new trade agreements, which decrease various kinds of trade barriers, and help the global trading system to be stronger and steadier so that new jobs are created, and word is also able to fight against poverty (WTO NEWS, 2015 )

The Examples of The World Trade Organization (WTO) Trade Laws in the Developing World

            There are various laws and provisions provided by WTO, which allows the developing countries to meet the level of trade with developed world. For instance, there is one provision under trade agreements on agriculture, which is stated as “the provision of foodstuffs at subsidized prices with the objective of meeting food requirements of urban and rural poor in developing countries is not to be considered to be a domestic support programme subject to reduction commitment”. There is one more law/provision which states that “investment subsidies which are generally available to agriculture, agricultural input subsidies generally available to low-income or resource-poor producers, and support to producers to encourage diversification from growing illicit narcotic crops are exempt from domestic support reduction commitments” (WTO, 2019 c)

References of The World Trade Organization (WTO)

Anderson, K. (2019). World Trade Organization. Retrieved May 23, 2019, from https://www.britannica.com/topic/World-Trade-Organization

Explaintrade.com. (2018). What Is The World Trade Organization? Retrieved May 23, 2019, from https://www.explaintrade.com/blogs/2018/8/11/what-is-the-world-trade-organization

Pal, D. (2019). The World Trade Organisation (WTO): Structure, Functions and Agreements. Retrieved May 23, 2019, from http://www.economicsdiscussion.net/world-trade-organisation/the-world-trade-organisation-wto-structure-functions-and-agreements/14215

WTO. (2019 a). What is the WTO? Retrieved May 23, 2019, from https://www.wto.org/english/thewto_e/whatis_e/whatis_e.htm

WTO. (2019 b). 3 The WTO can ... stimulate economic growth and employment. Retrieved May 23, 2019, from https://www.wto.org/english/thewto_e/whatis_e/10thi_e/10thi03_e.htm

WTO. (2019 c). Examples of provisions for differential and more favourable treatment of developing countries. Retrieved May 23, 2019, from https://www.wto.org/english/tratop_e/devel_e/teccop_e/s_and_d_eg_e.htm

WTO NEWS. (2015 ). Lower trade barriers, stronger global trading system can help end extreme poverty. Retrieved May 23, 2019, from https://www.wto.org/english/news_e/news15_e/igo_30jun15_e.htm