The World Trade Organization Essays

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The World Trade Organization is widely known as an organization that deals with free trade on an international level. Quoting from their website, “the World Trade Organization (WTO) deals with the rules of trade between nations at a global or near-global level. But there is more to it than that.” (Source 1). In general to enter into the WTO, a country must meet certain criteria that deal with liberalization of trade policy. (Source 2? More like a general). As a member of the WTO, countries must adhere by rules and regulations set. In effect this liberalization is enforced to promote trade across all countries. To understand the effect that the WTO has on an economy, one must look at the different countries that are in it. In general there…show more content…
Unfortunately, these benefits come at the cost of increased competition. Although most industries in an economy will only be slightly affected, some will be forced with a challenge. Most countries once admitted into the WTO, receive certain special terms in order to slightly protect some of its industries. Although this varies from country to country, this normally is a protection against the complete demise of certain sectors of a countries economy. These effects, although general, paint a picture for what should happen to an industrialized nation like Taiwan. Taiwan has had a long history in attempting to enter into the WTO. Besides all the political boundaries, there have been economic reforms that have had to be completed. In general there are more benefits than disadvantages from being a member in the WTO. For a country like Taiwan, there are many positive effects that can be seen. Taiwan is essentially a trade led economy; it relies heavily on trade to fund its endeavors. (Source 3) Being a part of the WTO allows Taiwan have access to over 142 countries which it can trade with. This opens Taiwan up to many countries which it can export and import from. One of the main benefits that the WTO offers is the beneficial treatment that countries extend to each other once a country becomes a member. Members must treat each other with lowered tariffs and a reduction in anti-trade policies. This benefits many countries that are seeking to import and export more. In

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