International Business Assignment Example | Topics and Well Written Essays - 2000 words - 2

International Business - Assignment ExampleThe World Trade Organization (WTO) is a post-war asylum, which was primarily set up as an attempt to liberalize world trade. Prior to this, trade settlements were conducted by International Trade Organization (ITO) and then by GATT. The end of Uruguay Round in 1994 led to establishment of WTO and this was a major departure from GATT on two main grounds. The first was inclusion of better altercate settlement measure in order to promote international cooperation and the second was inclusion of agriculture and function in the agreements to mainly promote progress of the developing countries.The purpose of this paper is to analyze the role of WTO in promoting economic development among nations. The system operates in the gamut of multilateral trade agreements to contribute to economic development and economic consumption for all its member nations. The organization has its headquarters in Geneva with 159 member countries. China was one of th e outlast countries to have joined WTO, which had significant impacts on the entire global trade (Faizel, 2005).One of the primary rivet of WTO since its inception has been the promotion of free and fair trade through multilateral negotiations. The WTO involves all its member countries in the decision making process to ensure that outcomes from the agreements are fair for all. The economic rationale behind this creative thinker is that international trade has a major role in alleviation of poverty. The WTO has realized that least-developed countries are the or so vulnerable ones and therefore, commits to increase their participation in the multilateral trading system, thereby assigning equal immensity to these countries (Klug, 2006). The task undertaken by WTO is a very complex one because its member countries have different political, lawful and economical status. This means that developed countries are in a better position