What are the advantages of being a member of World Trade Organization?
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Advantages of Being a Member of the
•The WTO helps trade throughout the world flow smoothly through its trade agreements. Members of the WTO know what the rules are. They understand the penalties for breaking the rules. They know how to play the global trade game. As such, it creates a safer trading arena for everyone.
• The WTO also provides its members with a fair method to resolve trade disputes. They don't have to resort to violence or war. How the WTO resolves trade disputes is important. It prevents trade protectionism, a practice that retards economic growth.
• The WTO negotiates improved trade arrangements among its members. Its most recent round of negotiations took place in Bali. The largest agreement would have been the Doha Round of Trade Talks. It failed because the United States and Europe were not willing to reduce agricultural subsidies.
• Membership also lowers the costs of doing business by removing volatility. These general benefits extend to all members.
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