World Trade Organization (WTO)
Economic Integration
Syllabus requirement
Examines the WTO’s role in multilateral trade negotiations and its challenges. This includes the objectives and functions of the WTO, the difficulties in reaching agreements on services and primary products, and the unequal bargaining power among member countries.
Summary
The World Trade Organization (WTO) is a global organisation created to promote trade liberalisation, oversee multilateral trade agreements and resolve trade disputes between member states. It establishes rules such as most favoured nation and non-discrimination, runs trade negotiations, monitors implementation, settles disputes, and assists developing countries to build trade capacity. The WTO aims to make trade more open, predictable, transparent and competitive while allowing some exceptions for environmental protection and national security. Its influence is affected by unequal bargaining power among members and difficulties in reaching agreement on sensitive sectors such as agriculture and services.
