World Trade Organization
World Trade Organization research papers report that while there are many political bodies that have facilitated world trade over the last decade, one of the most significant of these has been the World Trade Organization. Although its mission and modus operandi are controversial, the World Trade Organization has greatly fostered the trend towards globalization since its 1995 inception. This discussion will delineate and analyze the World Trade Organization and its significance within the world economy. In addition, some of the most frequent criticisms of the World Trade Organization will be considered. In conclusion, an overarching assessment of the past, current, and future influence of the World Trade Organization within the international community will be presented.
The majority of international trade activity during the latter half of the twentieth century was carried out in accordance with the General Agreement on Tariffs and Trade (GATT), which had been created in the aftermath of World War II. The World Trade Organization, which was enacted in 1995, reflected an updated trade philosophy that more closely reflected the exigencies and characteristics of the post-Cold War political economy.
Under the aegis of the World Trade Organization, 136 member nations agree to adhere to agreed-upon standards of international trade. However, the broader ideological bent of the World Trade Organization, particularly in contrast to preceding trade agreements, is that the number of obstacles to international trade should be minimized as much as possible and the free flow of goods and services facilitated to the highest degree, while still allowing individual nations to protect their political and economic self-interest. In addition, the World Trade Organization is predicated upon the belief that the relationship between actors in the global economy should be mutually cooperative, rather than hostile and antagonistic. To this end, the language of the World Trade Organization agreement sets forth many options for conflict resolution and the settlement of disputes between member nations.