WTO Contributions, Dilemmas, and Controversies

The World Trade Organization was established in 1995 to replace the General Agreement on Tariffs and Trade (GATT). The purpose of the organization is to lower tariffs and non-tariff barriers so as to increase international trade. The 146 member states meet in ministerial sessions at least once every two years. The poor countries fear that further liberalization of trade will only benefit rich countries. WTO negotiations favor the interests of investors and neglect agricultural protectionism by rich countries. People criticize that WTO is not very democratic and the poor countries cannot benefit from its negotiation.
The WTO agreements and dispute settlement procedures underpin a rules-based trading system that is essential for small, trade-dependent countries. Countries are encouraged to challenge the bigger and more powerful countries under an independent and judicial nature of WTO proceedings. …