what is need of wto
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Answer:
The WTO has been under scrutiny before. You may remember seeing news footage of the protests at the doors of the World Trade Organization's (WTO) Third Ministerial Conference held in Seattle, Washington in 1999.4 Similar demonstrations against the WTO have also occurred in Canada and Switzerland.56 What is the WTO, and why do so many people oppose it? The following article addresses these questions and concerns regarding the world's only international organization that deals with the global rules of trade.
Explanation:
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Answer:
WTO stands for World Trade Organization. Ever since the second world war many countries have been a party to the GATT - the General Agreement on Trade and Tariffs.
We need it because of these reasons:
1. The Benefits of Trade
Almost all complex societies throughout history have wanted to trade. Today with revolutions in communications and explosion in population this is even more true that in the past. Economics also provides good reason to believe that (free) trade is a good thing.
2. Institutions, cooperation and game-theoretic considerations
The WTO has a crucial role in promoting free, fair and stable trade. This is to the benefit not just of developed countries but the developing even more so: “. . . if the poor are to have any hope of better lives their countries must be given greater opportunities to participate in the global trading system. Of course trade liberalisation must be planned, phased in, and based on clear rules. Of course it must be accompanied by increased trade capacity and domestic pro-poor policies. But the WTO is the only place where global trade development can take place in a way shaped by the developing world. Without the WTO we are left with the economics of the bully.
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