| The body that meets to discuss and regulate world | | | | countries are suspicious of any action imposed by the |
| trade is the World Trade Organisation (WTO). Its | | | | body that could have detrimental effects on their |
| members account for approximately 95% of all world | | | | economies. Employing time constraints on the |
| trade. | | | | negotiation of political solutions between countries |
| The original governing body was known as GATT, or | | | | with such divergent economic characteristics would |
| the General Agreement of Tariffs and Trade, which | | | | be unmanageable, at the very least. Such is the |
| up until the inception of the WTO in 1995, was the | | | | reason for the emergence of individual countries |
| establishment for the global trade platform. The | | | | bargaining treaties independently, as opposed to |
| WTO is the only world body responsible for world | | | | trying to appease members of the entire group of |
| trade and that includes the resolution of trading | | | | nations. Although it may be more expedient in the |
| disputes as well as moving towards liberalising world | | | | short term, there are caveats to operating in this |
| trade. | | | | manner, as there are questions about whether it |
| The primary objective of the WTO is to promote | | | | leads to unfair advantages for developed countries |
| open trade throughout the world. It is fairly obvious | | | | and further complicates international trade. |
| that the countries of the world support the | | | | It is agreed that the most desirable scenario would |
| underlying principles of free trade, however, there is | | | | be that all member countries can participate in |
| no clear consensus on how to accomplish this goal. | | | | multi-lateral negotiations at their own discretion. Some |
| There is a constant struggle as it relates to | | | | are wary, however, that since the most powerful |
| protecting a country's domestic industry and there | | | | economies occupy key roles within the WTO, the |
| are often accusations of protectionism and 'engaging | | | | body itself is biased against the less powerful, |
| in politics' among member countries. It is often implied | | | | developing countries. There is concern that |
| that there is inefficient use of time, but accelerating | | | | developing nations can be taken advantage of whilst |
| the process would be a challenge, due to the manner | | | | wealthier nations using their considerable economic |
| in which issues are resolved. Member countries don't | | | | and political power to manipulate any trade deal to |
| actually vote on resolutions to these often complex | | | | their advantage. The bottom line though is that the |
| issues, rather, they operate on the notion that there | | | | WTO is a democratic organization that promotes a |
| must be a derived consensus. | | | | free trade system and benefits all member nations |
| The consequences of liberalising trade policies are the | | | | despite the challenges of implementing trade policy |
| most discussed topic on the agenda, as many | | | | equitably. |