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The World Trade Organization is the mediating body that sets the rules, watches over regulations and seeks to place equal limitations and liberties in the international trading market. The result is that the trading countries will enjoy the benefit of a good market economy with enough supply to accommodate demand.
When you are a "developing" country you are one of three other "clientele" for WTO. This clientele includes "developed" , "developing" and "least developed". As a developing country you are admitting that your market is not solid enough, nor stable enough for your country to have the same opportunities for fair trade. This is why WTO makes different exemptions for developing countries which include:
- granting trade concessions from developed markets that the developing country does not need to match.
- more favorable treatment to the developing countries also known as The Enabling Clause
- low-duty to zero duties on imports to developing countries
- increases participation of developing countries in world trade
- helping developing countries to balance off any difficulty in payments by restricting trade in services.
- provides technical assistance to developing countries
- longer time frames are offered to comply or add provisions
Therefore, the WTO invites the developing countries to participate in the market with equal opportunities of success and with the assurance that this developing market will be treated fairly- even in a preferential way- and that it will be protected from the bigger and more powerful fully-developed markets.
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