The following paper under the title 'The Economic System of the World Trade Organization' is a wonderful example of an economy case study. The World Trade Organization and the Organization for Economic Co-operation and Development are two essential international institutions, whose members are states. Both these two organizations are involved in issues that focus on the conduct and operations of international trade and different international economic systems. The World Trade Organization (WTO)founded in 1995, was brought in to replace the General Agreement on Trade and Tariffs which had been around since 1948.
The World Trade Organization was formed to focus its operations and activities on different issues that pertained to the regulation and governance of international trading activities and trade negotiations. The organization currently has 159 member states across the entire globe. The World Trade Organization also has a number of other different functions and activities, of which the international trade and economic organization draws its basis upon. One of these functions includes; the facilitation of the administration of trade agreements and arrangements between and among different member states. The trade agreements and arrangements that the World Trade Organization facilitates and administrates range from multilateral trade agreements involving hundreds or tens of countries, as well as bilateral trade and economic agreements.
The World Trade Organization also seeks to further the operations and activities of its predecessor organization, the General Agreement on Tariffs and Trade. Even though the World Trade Organization was formed to replace the General Agreement on Tariffs and Trade, some of the frameworks, activities, and operations of the predecessor organization were to be incorporated into the new incoming organization (Atik, 2001). The World Trade Organization also avails the forum for different countries that are member states to negotiate in multilateral trade deals and agreements among themselves, in a bid to foster international rules and regulations governing international trade and economics.
The World Trade Organization further seeks to eliminate all barriers and obstacles to international trade activities, since international trade is the biggest way of strengthening economic growth in the different member states of the trade organization. The organization further provides mechanisms and an international framework for the settlement of trade disputes emanating from both bilateral and multilateral trade activities and agreements.
Finally, The World Trade Organizationalsowishesthatits entire member states benefit from the numerous advantages that smoother and regulated international trade activities bring along(Atik, 2001). The Organization for Economic Co-operation and Development was founded back in 1961 when 34 different countries came together to form an international organization that would provide stimulation for progress in the economic sector as well as in international trade. The Organization for Economic Co-operation and Development also espouses democratic principles, which are the rules that ought to govern all its operations and activities, as well as the decision-making procedures within the international economic and trade organization.
Just like the World Trade Organization, the Organization for Economic Co-operation and Development also had a predecessor organization, known as the Organisation for European Economic Co-operation (OEEC)which was founded in 1948. There are many different objectives that the Organization for Economic Co-operation and Development seeks to pursue in the interests of its different member states, chief of which is to facilitate and provide a forum whereby member states are able to negotiate and share ideas on different economic, environmental and social matters as well (Alexiadou, 2013).
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