World Trade Organization Benefits Assignment Example | Topics and Well Written Essays - 1750 words

World Trade Organization Benefits - Assignment Example The past history has seen many wars that erupted due to the hostile feeling for each other that existed between the nations, the element of hostility in the trade and exchange was one of those reasons. After the Second World War, when there was a slight realization of avoiding the atmosphere of trade tension, an international level organization was brought into play which was called General Agreement on Tariffs and Trade (GATT). W.T.O is a platform that has bridged various nations of the world onto a single platform, it has been in action since 1995, through which they achieve exchange of goods, and material and benefit their own economies as well as the regional economies. It has a pre defined set of rules that are created in the most suitable manner with focus on international peace and trade promotion. The modern world and its citizens have benefited in a considerable amount from this body and it has provided innumerable benefits to the modern industrial era, few of those advantag es and benefits are as follows: Element of peace: The incumbent body in place has made many things possible which would otherwise be not possible. It has given hope for a better world which would be dominated by the peaceful exchange of goods and material, since trade always enables the exchange of good feeling between the two parties, therefore W.T.O in a subsided manner plays the role of peacekeeping and relationship building as well. Trade and exchange opens routes for exploration and harmony. W.T.O while being a very large scale entity has the privilege of bringing about various nations which were long engulfed in chains of hatred and distances. While it was evident in past that many countries could not engage in a bi lateral trade amongst each other due to various reasons, the W.T.O has wiped off that excuse and has engaged many nations in trade relations through means of third party trade and multi lateral exchange on a large scale. The W.T.O provides a platform which in a gen tle manner obliges various nations to start trade which each other regardless of their previous history of disputes and tussles that may have existed in past. History can be dug to find out that many disputes over trade resulted in large scale wars, however on the contrary to that perception; world trade organization provides a platform for resolving all disputed issues pertaining to the trade and exchange. Inclusion of Saudi Arabia: The inclusion of Saudi Arabia is believed to benefit the organization, its partner companies as well as Saudi Arabia itself. For this reason, Saudi Arabia has under gone number of steps that would further ease its process towards the entry into the large international block. Abiding by these laws, it would benefit the Saudi local market and would improve the standard of living and benefit the government, local investors and the citizens. Role of Third party mediator: While some critics may argue that trade and exchange may engulf various nations into di sputes and disagreements, this fear is grounded through the presence of a centralized body in form of W.T.O. It plays the role of mediator and ensures that no party violates the rules or reaches to a level which is unacceptable and beyond the manifesto of the W.T.O accord. W.T.O obliges nations to bring their disputes to the table and strictly prohibits each member from taking any individual action which is against the rules specified. Definition of Rules: An undeniable fact of every business of the world is existence of rules, be it small scale exchange or large scale exchange between two nations or two groups of nations, rules are must for any exchange. The advantage of W.T.O is the fact that it has enabled