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What Are The Benefits Of World Trade Organization

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Benefits of the World Trade Organization

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 original and main goal of the WTO is to remove trade barriers …show more content…

Since the rules of the WTO apply to all member countries there is no confusion about the import duties and companies can choose simply from the cheapest producer thus making the final product cheaper for the consumer.
Aside from the WTO’s involvement in the trading of goods it also regulates services and intellectual property. The service sector which includes banks, telecommunications companies, tour operators, hotel chains and transport companies, can now enjoy the same freedoms that were originally intended for the benefit of goods being imported and exported between countries. These services are now freer to open business abroad then ever before. Intellectual property has gained the same benefits under the WTO. Things such as copyrights, trademarks, geographical names used to identify products, industrial designs, integrated circuit layout-designs and undisclosed information are now protected when trade is involved.
Disputes between countries can now as well be solved with the WTO. So if America has a problem with another country’s trade practices it can settle it through consultation. If that fails there is a mapped out, stage-by-stage procedure that includes the possibility of a ruling by a panel of experts, and the chance to appeal the ruling on legal grounds. So if America feels a foreign country is

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