Disadvantages Of Wto

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This research question is worthy of investigation because the issues the question explores are controversial in nature. WTO or The World Trade Organisation has been organised in 1994 and is a successor of the General Agreement on Tariffs and Trade (GATT)[1]. By today the organisation controls about 97% of world trade, having 164 members all around the world[2]. Such a supervision of almost all trade in the world makes it hard to avoid any contact with the organisation for a country that is globalised and is present in the international market. Russian had two options, become a member or go in its own way. In this research project I am going to analyse the role of the WTO, asses effort that was put into negotiations by Russia and what is the…show more content…
WTO and its role World Trade Organisation(WTO) is an international community of 164 countries. The World Trade Organization is created for the purpose of liberalization of international trade and regulation of the trade and political relations of its members. The idea of the WTO consists of decrease in import rates and mutual opening of the markets of member countries of the organization for each other. WTO has several functions that, with taking into account its purpose, could described as follows: 1. The system promotes strengthening of the international relations. The WTO does everything possible in building confidence in free trade, for example, in the presence of it much important factor as negotiations which are directly conducted to agreements. It is possible to tell that political contradictions in principle aren't admissible if trade flows and participants are in the normal commercial relations. And the same well organized trade relations lead to a growth in prosperity of all participating in the…show more content…
And, in spite of the fact that each country develops in an individual way of economic and political development, it can't be isolated from the processes happening out of its borders. The goal to step out of the isolation and the first step were made in 1993. Russian government decided it was time to apply for membership in World Trade Organisation[11]. Since that time the process was under strict supervision of the federal executive and legislature bodies of the Russian Federation. From Russian actions it can be easily seen how important this membership was for the government. This process took almost nineteen years with a long list of disagreements and changes to the protocol of accession, until on 22 August 2012 when it was officially announced that Russia became a member of the World Trade

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