WTO Assessment Of Trade Policies

To start with, The World Trade Organisation ( WTO ) was brought into life on January 1, 1995. When we talk about the World Trade Organisation, it is an internationally recognized commission that overlooks all the business/trade deals, transport, or exchange of commodities that happens between the international territories. The prime motive for the World Trade Organisation’s inception is that all the trade activity happens it should be neat, just and no criminal or mal activities should take place. 

The World Trade Organisation ensures free trade and liberty, there are clauses and rules to live by. 

The activity of commerce is the foundation of money flow in any country, if there exists more trade and buying and selling of goods there is a higher probability of healthy money flow. But the money would grow if the trade occurs within local places, it has to be between various territories, a sense of double-coincidence of wants in the modern era is required to make profits and prosper. 

This is exactly where the World Trade Organisation comes into play, it ensures and totally makes sure that whatever exchange of goods, services, commodities or etc is happening the international organisation would be the police to it. 

 The World Trade Organisation breaks walls between the countries by providing them opportunities to compete in the arena of international trade with which there is a scope for development, growth, and independence in the market. 

While the World Trade Organisation overlooks the global market, it also comes with various policies, agreements, arrangements, or negotiations when talking about trade activities. 

The very central feature and so the heart of the World Trade Organisation ( WTO ) is its Multilateral Trading System- which ensures that is liberty and stability while the activity of trade happens between the countries, all the clauses, rules, and agreements get documented and get verified by the government of that significant territory and then WTO goes through it again and then passes the green light and this is how the trade starts. 

What are the WTO’s Trade Policies? 

The World Trade Organisation deals with trade activities to make sure that there is stability, peace, and free flow of the economy. Not only this the World Trade Organisation international Trade Organization that holds responsibilities and there exist some of its policies that a participating country for the activity of trade should follow in order to work under theWorld Trade Organization.

When we talk about trading and exchange of commodities the World Trade Organization allows the exchange of goods, services, properties commodities, resources, and in some rare cases technology. There can also be exceptions looking at the situation of a significant country. What primarily the trade takes place In these chances only. 

The basic policy is to allow liberation and equality between the traders. 

But to ensure that these liberations take place the World Trade Organization brings up some policies on its tables that act as a boon to the countries involved in trade, here are some of the following policies-

1. Policy of the open Market and open trade between the countries for mutual growth.  
2. To keep Open services. 
3. Policies and guides of procedure to settle conflicts if any between the significant countries involved in trade. 
4. Asking the Governments of the respective country to lay their trade policies in a very transparent way in front of WTO so that negotiations can happen in a fair manner, 
5. Policy to ensure that there is a sense of Reassurance and commitment to the market. 
6. Policy for the fair, just and accountable trade to occur.

What are the Guiding Principles of the World Trade Organisation? 

For an organisation to work and establish it is important that it holds a few guiding principles which are established in order as a reminder that whatever work is happening it is under that specific principle and justifies the inception of the organisation.

In reference to the  World Trade Organisation ( WTO ), the organisation holds 5 of its guiding principles which act as the foundation for its establishment too. 

The 5 Guiding Principles of the World Trade Organisation ( WTO ) are as follows-

1. The principle of trade without any prejudice or discrimination. 
2. Deliberations and Negotiations for free trade and understanding the market.
3. Pretentious activity as there would be clarity and transparency between the World Trade Organisation and the respective county involved in the trade.
4. Promotion of fair, just, and accountable competition in reference to trade. 
5. To uplift the idea of economic development and its guiding reforms. 

What are the Perks of being a member of theWorld Trade Organisation?

There are a number of benefits and plus points one has under its shelves if a member of the World Trade Organisation. Some of the benefits and additional advantages of being a member of the World Trade Organisation are as follows-

1. Favorable nation Treatment, which says that there would be equal and similar access of all the trade organizations who are under or in the WTO membership to the market to other member nations of the WTO. 
2. Just flow and share in money which would make sure that the money share is accountable and the gains do not go to the middleman but instead in the hands of the importers. 
3. Breakage of walls and less restrictions in the trade to make sure that the trade is easy and the trade goes high among the members of the WTO. 
4. Totally Transparency and flow, the sharing of information between the members.
5. To uplift trade competitions that are fair and open for everyone, This would take place by eradicating the cheap manipulators and the malpractices which come in between the market and trade. 
6. An active seat in the forum for the discussion of the new trade rules, policies, or principles. 
7. A position of no vulnerability in trade conflicts.

Conclusion:

The development of the World Trade Organisation ( WTO ) solely happened so that there is openness in the captivity of commerce between the territories of the significant countries. But when engaged with WTO one has to work as per their guiding principles, establish a set of rules and regulations, and provide the framework of their government verification. 

Not only this, being a member of the World Trade Organisation comes with benefits and some advantages a country would certainly enjoy in the path of economic development.