Advantages And Disadvantages Of International Trade Organisations

The euphoria of victory was short lived and the events from 1945 to 1949 brought about a rapid, transformational change due to the human and economic devastation caused by World War II. Leading the post victory effort was the International Monetary Fund (IMF) along with the World Bank, formed in 1944 at the Bretton Woods Conference, with the goal to regulate the international monetary and financial order after the conclusion of World War II. In 1945, President Harry S. Truman proposed a charter for the formation of an International Trade Organization (ITO). Although the ITO Charter never achieved ratification due to a lack of Congressional approval, the concept of an international trade organization would finally come to fruition in 1995 with the formation of the World Trade Organization (WTO). The next transformation occurred in 1946 with the formation of the United Nations Security Council. The great powers that were the victors of World War II—Russia, the United Kingdom, France, China, and the United States—serve as the body's five permanent members. Finally, in order to solidify military stabilization between the US and Europe and foster economic trade, the North Atlantic Treaty Organization (NATO) was formed in 1949. All of the above organizations formed in the hope that future generations would not have to define victory as complete human and economic

The World Trade Organization, or WTO, was established to grow the global economy and assure its success and safety. The WTO derived from the General Agreement of Tariffs and Trades, or the GATT. The GATT was established in 1948 in order to restore the destroyed global economy after the war. The world needed a united organization

With trade being a constant issue with world relations, the World Trade Organization immersed. This contemporary organization is the only global intercontinental organization apportioning the rules of trade between countries. The WTO standards were negotiated and signed by the majority of the world's trading nations and ratified in their

World trade organization is an international governing body which deals with trade between countries. In regard to various nations which are under the World Trade Organization, the goal is to help producers of supplies of services, exporters and importers conduct their activities. The WTO has decreased the level of tariffs, but a boost in non tariff measures in rural areas which is obstructing trade. This will be discussed furthermore in the assignment.

The idea of establishing an international organization designed to regulate international trade was made before World War II . Basically, the U.S. and UK forces in 1944 at the Bretton Woods conference were based International Monetary Fund and the International Bank for Reconstruction and Development. The third pillar of the new economic order, along with the aforementioned organizations planned to establish an International Trade

International organization in international relations such as United Nation, The World Bank, The International Monetary Fund, and World Trade Organization are a group of people that help contribute to the world by preventing poverty, promote trade and maintain world peace. Many countries come together to cooperate with each other to help bettering nations. Cooperation with other countries is required in order for these type of organization to function or else it would be a disaster.

between countries in that each was required to levy the same low tariffs on each others

The end of World War II implied a new era of Global Business; the era of open borders, globalization and therefore free trade. In the 21st century, a flourishing world economy can no longer be imagined with existing trade barriers and high quotas, advocators argue. The world economic system and our wellbeing, are highly dependent on both economic growth and globalization, which in turn are reliant on “the absence of artificial barriers to the free flow of goods and services between countries” (Dunkley 2004, p. 9). Nations ensure this mutually beneficial situation by signing preferential trade arrangements with each other. Arguably, the most common form of such arrangements are Free Trade Agreements (FTAs): when two or more

Before 1934 the Smoot-Hawley Act created an economic market of high tariffs and trade restrictions which arguably added to the economic crisis of the 1930s (Norton). The United States realizing the need for liberalized trade enacted the Trade Agreements Act of 1934 (Irwin). Free trade agreements then becamean essential part of the United States trade policy agenda. With institutions such as the World Trade Organization and agreements in place like the North Atlantic Free Trade Agreement, the United States sponsors a number of programs that help in stimulating free trade. Secretary of State Cordell Hull (1930s) stated as the United states moved towards open trade “Nations cannot produce on a level to sustain their people and well-being unless they have reasonable opportunities to trade with one another” (U.S. Department of State). Amidst these policies the GATT (General Agreement on Tariffs and Trade) signed in 1947, helped promote a more open market for the United States to become involved in. Both the International Monetary Fund and World Trade Organization, both developed after World War 2, are international organizations that work to regulate and maintain open trade in the world. Moving from protectionism to liberalized trade the U.S. has through the course of history witnessed a number of advancements and beneficial aspects accompanied with free trade.

In the 1940’s several organizations were created to help manage and regulate the global market place: The General Agreement on Tariffs and Trade (GATT); later the World Trade Organization (WTO); International Monetary Fund (IMF); and the World Bank.

Globalization can be defined as ‘international integration’, which can be described as the process by which the people of the world are unified into a single society and functioning together. This process is a combination of economic, technological, and political forces (dictionary.com).

One of the biggest firms associated with globalization is the World Trade Organization. The World Trade Organization is the only international body that deals with the rules of trading between nations. It has evolved over the past half century into an entity that contract with the trade of services, intellectual property as well as its original intent of the trade of goods. The WTO controls most trade in the world today through over 100 countries, and even more on the way. The World Trade Organization is beneficial economically and we should support its principles.

The origin of the WTO has its roots in the creation of the International Trade Organization (ITO) at the 1944 Bretton Woods ' Conference. While the terms of the ITO charter were being drafted and debated and countries pondered whether or not they would be a part of the organization, representatives from a group of 17 nations assembled in Geneva and concluded an interim agreement (GATT) to lower trade barriers and

Many companies, particularly those in the retail sector, have suggested that tariffs present the greatest barrier to cross-border e-commerce. This problem does not exist within the EU, which is a free-trade area; however, when exporting to countries outside of the EU tariffs are, indeed, a major problem. One business suggested that “outside of the EU, tariffs are always the most problematic”. Tariffs raise the price of the products sold by e-traders and consequently reduce their competitiveness. Tariffs are, however, not more of a problem for e-commerce than they are for traditional trade. Therefore, in this study we have chosen not to delve deeper into the levels of the tariffs, but instead to focus

1.The international financial institutions (IFIs) are central pillars and the architects of the global economy. The world bank and IMF were founded and funded by the United states after the second world war to build shattered world economy after the war and great depression of the 1930s (socialist alternative,). The creation of the IFIs was to bring about a global economy after the “isolation economy” which some argue brought about the Second World War. The IFIs were to help the economy of the less developing countries (LDCs) to bring about growth and development, a phenomenon known as globalization.