International Trade Organizations Essay

1593 WordsOct 26, 20117 Pages
Jitendra Loganathan Irwin, Douglas A. (2000), "Do We Need the WTO?," CATO Journal, 19 (Winter), 351. Abstract: - The failure of the World Trade Organization ministerial summit late last year has thrown the future course of trade liberalization onto an uncertain track. Added to this uncertainty is increasing criticism of the WTO itself, and not just from the anti-globalization protesters who congregated in Seattle. Some of those who embrace the cause of trade liberalization also have questioned the efficiency of the multilateral negotiations approach, suggesting that either unilateral or regional trade agreements may be more efficacious in achieving lower trade barriers. This article makes the case for the WTO, a limited case but (one hopes) a compelling one nonetheless. That case is in large measure political, and one needs a historical perspective on U.S. trade policy to appreciate that political case. The article then discusses the limits to what can be achieved through the WTO. Strengths: - The author has clearly explained the advantages of a free trade policy and having an organization like WTO which provides guidelines for and supports free trade among countries. The article has taken into consideration some historical facts to elucidate the negative impacts of impositions on foreign trade. For 150 years, the U.S. congress had authority over taxes and imposition on foreign commerce- this explains how domestic interests can be preferred over liberalization of trade and what can be its disadvantages for the developing countries. The author has given us a true picture on the functions of WTO and how it has helped the promotion of trade liberalization. He has also made a good suggestion for the WTO to focus mainly on the border issues and not on expanding its agenda as there is plenty to work on the old issues. Weaknesses: - The author is apparent in
Open Document