How is the WTO (World Trade Organization) a beneficial organization?
1 Answer | Add Yours
The World Trade Organization (WTO) can be seen as a beneficial organization because it promotes free trade between its member countries. By doing so, it helps all of these countries to grow economically. While some people argue that the WTO harms developing countries, such countries have been eager to join the organization, presumably because membership brings real benefits.
The major benefit of WTO membership is that developing countries get access to the markets of the rich countries. These are the countries to which the poorer countries are likely to be able to export goods. The opening up of trade between various nations of the world has also helped to bring about more of what is called “South-South trade.” That is, countries outside of the rich world are trading with one another more than they previously did. All of this trade makes for economic development. A more economically developed world is in the interests of all people because it lifts people out of poverty and because richer countries are generally more stable than poorer countries.
Since the WTO was founded, we have seen tremendous growth in trade. China is perhaps the most important example of a country that has been helped by this trade. By promoting global trade, the WTO is beneficial to people around the world.
Join to answer this question
Join a community of thousands of dedicated teachers and students.Join eNotes