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World Trade Organization: What is its Future?

World Trade Organization: What is its Future? & INTRODUCTION The formation of General Agreement for Tariffs and Trade (GATT) in 1947 was the beginning of an era of regulating the global trade. In order to expand the base of global multilateral trading system and also make it more effective, the transformation of GATT into World Trade Organization was held on January 1, 1995. The very purpose of creating WTO was to give new shape and vision to the existing global multilateral trading system. Since then WTO has been trying hard to play an effective and efficient role and contribution in the promotion global trade on the one hand and on the other to ensure free movement of goods and services. But the Organization has failed in creating consensus on major issues relating to world trade among the member countries and hence, there has been a complete deadlock in the negotiations and deliberations in trade talks. There has not been a crisis of negotiations, but the crisis of implementation especially in case of Doha Development Round. The commitments must be transformed into effective implementation. This is a dangerous sign and if it is continued then the very purpose of establishing of WTO would be defeated and http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of World Investment and Trade Brill

World Trade Organization: What is its Future?

Journal of World Investment and Trade , Volume 11 (1): 21 – Jan 1, 2010
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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1660-7112
eISSN
2211-9000
DOI
10.1163/221190010X00301
Publisher site
See Article on Publisher Site

Abstract

& INTRODUCTION The formation of General Agreement for Tariffs and Trade (GATT) in 1947 was the beginning of an era of regulating the global trade. In order to expand the base of global multilateral trading system and also make it more effective, the transformation of GATT into World Trade Organization was held on January 1, 1995. The very purpose of creating WTO was to give new shape and vision to the existing global multilateral trading system. Since then WTO has been trying hard to play an effective and efficient role and contribution in the promotion global trade on the one hand and on the other to ensure free movement of goods and services. But the Organization has failed in creating consensus on major issues relating to world trade among the member countries and hence, there has been a complete deadlock in the negotiations and deliberations in trade talks. There has not been a crisis of negotiations, but the crisis of implementation especially in case of Doha Development Round. The commitments must be transformed into effective implementation. This is a dangerous sign and if it is continued then the very purpose of establishing of WTO would be defeated and

Journal

Journal of World Investment and Trade – Brill

Published: Jan 1, 2010

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