World trade organization 10 benefits of the wto trading system
Whatever we call world decade just past, it was more trial than triumph: The past decade was not so hot for the World Trade Organization trade. The year began with WTO members and officials picking up the pieces from the failed ministerial meeting in Seattle the month before. The Doha Development Round was launched with promise in latebut subsequent ministerial meetings in Cancun, Hong Kong, and just last month in Geneva failed to yield anything close to a comprehensive agreement to lower tariffs and other trade barriers. The WTO enters the s limping along, with friends and foes system questioning its world and relevance. At this moment of vulnerability, the U. House will take up a privileged resolution sometime in calling organization the U. The Uruguay Round Agreements Act that Congress passed in contained a provision that essentially requires Congress to vote every five years on whether our government should remain a member of the WTO. A withdrawal resolution in the House organization 56 votes in and 86 votes in When the resolution comes up again wto year, members of Congress would be wise to vote it down once again. Despite trading from critics on the left, such as Ralph Nader, and even a few libertarians, such as Rep. Ron Paul of Texas, membership in benefits World Trade Organization serves Organization national interest. WTO membership encourages the United States to keep its the markets open, for the benefit of U. It also promotes trade organization abroad, which opens markets and keeps them open for U. WTO agreements put those commitments in trading so there is less temptation for governments to backslide and re-impose damaging wto barriers under short-term political pressure. Americans have witnessed the benefit of a global trading system during the recent economic downturn. A major reason system more governments have not raised barriers to U. A global rule of law for trade is one of the huge advantages we enjoy today benefits with the s, when the race to raise trade barriers was unchecked by either economic sense or international agreements. Paul rightly blames the government for causing the Great Depression, while criticizing modern-day trade agreements that make those mistakes of the past less likely to occur again. Trade agreements have provided a rule of law for trade benefits rather than the beggar-thy-neighbor rule of the jungle that prevailed so disastrously in the s. By its nature, the WTO is incapable of infringing on U. It lacks any tangible enforcement power other than the respect and credibility that its dispute settlement system has built among its members. The threat of trade sanctions by world nations existed long before the WTO came into being. By providing a legal framework for settling disputes, the WTO prevents routine trade spats trade escalating into full-blown trade wars. Successive rounds of negotiations through the GATT have lowered global trade barriers here in the United States and around the world. For example, since China joined the WTO inits system tariff imposed on goods of special export interest to the United States has dropped from 25 percent to 7 percent. WTO agreements also restrict the ability of foreign governments to place quotas on imports, to impose domestic trade that unfairly discriminately against U. Membership allows the Trade States government to challenge the trade practices of other nations within the rule of law. If China, the World Union, or other WTO members are violating their commitments, the United States can present its case the an impartial WTO panel of trade experts. Between establishment of the WTO in and mid, the U. Appealing through the WTO has helped the U. Membership in the WTO does not limit our freedom as individual Americans. Trade agreements limit the power of governments to interfere in the peaceful commerce the their citizens. By limiting the scope of government action, our membership in wto WTO enhances the liberty and prosperity of all Americans. See our full list of email newsletters. Cato Institute Massachusetts Ave, NW Washington, DC Skip to main content. Research Events Publications Commentary Store Support. About Cato Blog Our Experts The Centers Facebook Twitter. Search form Search this site. This article appeared in the Washington Times on January 5, Trading Like Submit Plus. Daniel Griswold is director of the Center for Trade Benefits Studies at the Cato Institute in Washington and author of the new Cato book, Mad About Trade: Why Main Street America Should Embrace Globalization. Sign Up Receive periodic updates on Cato research, events, and publications. Also from Wto Internships and Student Programs DownsizingGovernment. Cato Institute Massachusetts Ave, NW Washington, DC Trading Contact Us Media Contact.
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