WTO - A Global Trade Regulator *

Abstract:

The caselet focuses on the WTO and its role in global trade. It discusses the failure of the Cancun Round of the ministerial conference. It goes into the impact of liberalization on different economies and the future role of the WTO

Issues: » The efficacy of the World Trade Organization in regulating international trade » Failure of the Cancun ministerial conference of the WTO » WTO and its role in global trade liberalization » Is there discrimination among member countries of WTO? » Objectives and future of WTO Introduction In September 2003, member countries of the World Trade Organization (WTO) met at Cancun, Mexico, for a regular ministerial conference. The meeting, which was expected to improve trade between the member countries unfortunately ended in failure. In response to the Draft Ministerial text offered at the Cancun meeting under the leadership of Brazil and India, both developing and the poorer countries of the world came together and formed a group known as G-22.

Questions for Discussion:

1. The WTO was set up with the intention of regulating international trade between countries. How successful has the WTO been in attaining its objectives? Justify your stand.
2. The rules and regulations of international trade framed by the WTO have been largely influenced by the developed nations led by the U.S. The failure of the Cancun meet indicates the increasing role played by developing nations in making the policies of WTO. Comment.

Key words:
World Trade Organization (WTO), Cancun Round, G-22 countries, European Union (EU), General Agreement on Trade and Tariffs (GATT), World Bank, International Monetary Fund, liberalization, quotas, Doha development agenda

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