Running head: THE WORLD TRADE ORGANIZATION.
Does It Benefit The United States Economy?.
In an effort to rebuild economies after Word War II, international agreements were formed encouraging trade between the free nations. One such agreement, the General Agreement on Tariffs and Trade (GATT), was formed in 1947. It was subsequently replaced by the WTO, which was formed on January 1, 1995. Current globalization has fostered a trading system that has become unbalanced. The WTO has favored investor rights and has supported aggressive countries in pursuit of their own markets, the U.S. included. The WTO must do more for environmental protection, consumer protection, and labor standards. .
The World Trade Organization.
Does It Benefit The United States Economy?.
Major decisions involving the World Trade Organization (WTO) are discussed and voted on at Ministerial Conferences (the WTO's top level-decision making body) which meets at least once every two years. Protesting by environmental groups, labor advocacy groups, farmers, and many other interest groups marred a conference held in Seattle, Washington, November 30 to December 3, 1999. These protests became violent at times and local law enforcement officials responded by introducing curfews and calling in the National Guard. Tear gas was used at times to subdue the protesters. The basic issues at the heart of the WTO controversy are whether free international trade and the participation of the United States (U.S.) in the WTO benefits or harms the U.S. economy.
What is the WTO?.
In an effort to rebuild economies after World War II, international agreements were formed encouraging trade between the free nations. One such agreement, the General Agreement on Tariffs and Trade (GATT), was formed in 1947. This agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes.
