Question

What are the advantages of being a member of World Trade Organization?​

Answer 1

Explanation:

• Benefits of WTO membership
• — Participation in the development of new rules and principles of international trade. ...
• — Export diversification. ...
• — Transparent, predictable and attractive investment regime. ...
• — Increase of sovereign credit ratings. ...
• — Strengthening positions in trade disputes.

Answer 2

The WTO is a body designed to promote free trade through organizing trade negotiations and act as an independent arbiter in settling trade disputes. To some extent the WTO has been successful in promoting greater free trade. The principles of the WTO are
Promote free trade through gradual reduction of tariffs
Provide legal framework for negotiation of trade disputes. This aims to provide greater stability and predictability in trade.
Trade without discrimination - avoiding preferential trade agreements.
WTO is not a completely free trade body. It allows tariffs and trade restrictions under certain conditions, e.g. protection against 'dumping' of cheap surplus goods.
WTO is committed to protecting fair competition. There are rules on subsidies, dumping
WTO is committed to economic development. For example, recent rounds have put pressure on developed countries to accelerate restrictions on imports from the least-developing countries.