MBA 575 Saint Leo University World Trade Organization Essay – Description
Part 1(a) This is a discussion post must be at least 500 words with in text citations. Should be at least 2 references that are websites and based in the United States. Is the World Trade Organization (WTO) or are bilateral and multilateral trade agreements better at promoting and monitoring free trade? Explain. Part 1(b) This is a discussion response. Should be at least 200 words with in text citations. Should be at least 2 references that are based in the United States. The World Trade Organization is basically one of the only organizations that deals with rules of trade. Their goal is to help do business with producers and consumers in different nations. Countries would not be able to trade with each other without trade agreements. That is why there are bilateral and multilateral agreements. These three different types of agreements can be affective in different ways. The WTO is run by governments of their member nations. When they are making decisions, they make the decision as a group. “The WTO agreements are lengthy and complex because they are legal texts covering a wide range of activities. But several simple, fundamental principles run throughout all these documents. These principles are the foundation of the multilateral trading system” (WTO | What Is the WTO, n.d.). The WTO reduce trade barriers, enforce the rules and negotiate agreements. They follow the GATT and TRIPS. Bilateral and Multilateral agreements have a certain among of countries they can negotiate. “Bilateral trade occurs between two nations. In this trade, the partner countries trade their goods and services on a favored ground based on a bilateral trade agreement” (Balaji, 2023). The purpose of bilateral agreements is to broaden the development and trade of two countries. This also removes any tariffs obstacles. “Multilateral Trade Agreement implies the agreement accomplished among numerous countries to purchase and sell to a country with the rest of the attestor, limiting trade among themselves” (Balaji, 2023). This is used more with diverse countries. These agreements help boost members to manage their exports and imports better. They usually are doing the same goal, but the main difference is the number of nations each agreement is used for. I believe that bilateral and multilateral are better at promoting and monitoring free trade. I think this because there is more flexibility with these agreements rather than the WTO. There are a lot of rules and regulations involved in the WTO, that could set them back from free trade. The economy is constantly changing, which means these agreements need to keep up with the changes. An example from our book states “The former expressed their discontent about trade liberalization in the first decade of this century when they collectively put a halt to the latest round of World Trade Organization (WTO) negotiations, in the belief that rich countries were not treating them fairly” (Publishing 2021,pg. 182). Because there are so many rules and regulations with the WTO, it is hard for them to change so frequently. Bilateral and Multilateral can be flexible. Since this, they can change whenever they need to and address specific issues. They have a more hands on relationship with the counties so they can offer immediate help if needed. There can be an argument that they only offer help to some countries which leads to isolation. Both agreements are helping, so they both can offer different ideas. Balaji. (2023, February 17). Difference Between Bilateral and Multilateral Trade. BYJU’S Exam Prep. https://byjusexamprep.com/upsc-exam/difference-between-bilateral-and-multilateral-trade#toc-2 Publishing, S. (2021). Issues in Global Business. SAGE Publications, Inc. (US). https://reader2.yuzu.com/books/9781071823200 WTO | What is the WTO? (n.d.). https://www.wto.org/english/thewto_e/whatis_e/what… Part 1(c) This is a discussion response. Should be at least 200 words with in text citations. Should be at least 2 references that are based in the United States. Free trade is essential for the World economy, but without structure and some sort of rules to follow, there is great room for foul play. This is where trade agreements and the World Trade Organization come into play. For this week’s discussion board I first decided to look at how both the World Trade Organization and bilateral/multilateral trade agreements function. After examining how both function, I analyzed the advantages and limitations of each respectively, in terms of promoting and monitoring free trade. The following will detail both advantages and limitations of the World Trade Organization as well as bilateral/multilateral trade agreements, as well as why I believe the prior better promotes and monitors free trade. One of the main advantages of the World Trade Organization is the fact that 159 countries are currently part of the WTO. The fact that the organization has this many members across the globe means that it is the largest platform for countries to discuss trade agreements and laws, including a level playing field, meaning that a trade advantage given to one member of the WTO must be offered to all parties within the organization. As far as monitoring free trade, the WTO relies on transparency from its members as the organization is meant to be self governed. The World Trade Organization also faces limitations such as immense restrictions and the fact that decisions are made by all members. While this is a good thing in some ways, it also means that 159 countries must vote on and agree on a trade agreement for it to be enacted, which can take years. This brings up one of the main advantages of bilateral and multilateral trade agreements: flexibility. These trade agreements function where only the parties involved in the specific trade at hand are responsible for creating trade agreements. This is a great advantage because terms can be much more specific to the countries involved and that particular situation. This makes for countries being able to swiftly move through a negotiation process which encourages free trade. With the ability to create specialized agreements and regulations, it becomes much more efficient. While these advantages are noteworthy, they must also be examined alongside the limitations as well. For example, a limitation of bilateral/multilateral agreements is that if one country is extremely more powerful than another, they can somewhat take advantage of the smaller country during the negotiation process which would lead to greater imbalances. Furthermore, multiple bilateral agreements can cause confusion and overlapping rules and regulations. I believe that the WTO is more effective when it comes to both promoting free trade as well as monitoring free trade. The sheer size and strength of the WTO results in more structure, and therefore less issues and conflict, while still finding a way to promote free trade through reduced barriers and fair competition. References: (2023). World Trade Organization – Global trade. https://www.wto.org/ World Trade Organization (WTO) countries 2022. (2022). https://worldpopulationreview.com/country-rankings/wto-countries Part 2 .Should be at least 1000 words with in text citations. Need to be websites that are based in the United States. Please refer to the Homework 7 attachment with additional information. Part 3. Should be at least 1000 words with in text citations. Need to be websites that are based in the United States. Please refer to the Homework 8 attachment with additional information.
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