Advantages and disadvantages of WTO

hello what are the advantanges and disadvantages of the WTO formally the GATT

The WTO is a body designed to promote free trade through organising trade negiotiations and act as an independent arbiter in settling trade disputes.

To some extent the WTO has been successful in promoting greater free trade.

Free trade has many advantages. such as:

  1. Lower prices
  2. greater competitiveness
  3. increased growth

However, the WTO has often been criticised for ignoring the plight of the developing world. It is argued the benefits of free trade accrue mostly to the developed world. In fact free trade has many disadvantages

In response to this the WTO may say that free trade has been an important engine of growth for developing countries in Asia. Although there may be some short term pain, it is worth it in the long run.


Perma Link | By: T Pettinger | Sunday, June 17, 2007
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