World Trade Organization Assignment Example | Topics and Well Written Essays - 1000 words

World Trade Organization - Assignment Example   The WTO provides the framework by which governments create and implement legislation and regulations for domestic trade. It also provides a platform on which countries develop and improve trade relations (Buterbaugh, 2008). The Purpose or Functions of the WTO The main objective of the WTO is to assist in making the flow of trade smooth, free, fair and predictable. It does this by Administering trade agreements The organization is responsible for facilitating the implementation, operation, and attainment of the objectives of the trade agreements (Hajnal, 2001). Acting as a forum for trade negotiations The organization provides its members with a forum for negotiating their multilateral trade relations in accordance with the rules and regulations of WTO. It also provides them with a framework for which they can implement the outcomes of such negotiations as per the decision of the ministerial conference (Hajnal, 2001). Handling trade disputes WTO is responsible for settling any tra de disputes that may exist among its members. It encourages its member states to settle their disputes through consultation. Nations that feel their rights under the agreement are abused can report the dispute to the WTO. The organization can then interpret and analyze the agreements and make a judgment. It also assists its members in an understanding of the rules and regulations governing dispute settlement (Macrory, 2005). Reviewing national trade policies The organization periodically reviews the trade policies in order to improve transparency, understanding of the adopted policies and evaluate the impacts of these policies among its members. The review also acts as constructive feedback on the policies of many member countries (Macrory, 2005). Assisting developing countries in trade policy issues, through technical assistance and training programmes The organization provides provisions that encourage developed nations to assist trade of developing countries. Developing nations a re provided with transition periods to help them adjust to the more difficult provisions of the WTO. In addition, they are also given flexible market access concessions for their products (Macrory, 2005). Cooperating with other international organizations The WTO cooperates with other international organizations such as the International Monetary Fund (IMF) and International Bank for Reconstruction and Development (World Bank) to achieve greater coherence in making international economic policies (Hajnal, 2001). Taking a Trade Dispute to the WTO The world trade organization procedures for resolving trade disputes are very important in ensuring that trade occurs smoothly. A dispute only occurs when a member state believes that its rights are violated by another country as per the agreement made in the WTO.