What is the World Trade Organization and what are some of the criticisms against it?

Question

What will be an ideal response?

Answer 1

Answer: The World Trade Organization was set up in 1995 to promote international trade. It now represents about 97 percent of world trade since its establishment. Most of the world's large economies have joined the WTO with the notable exception of Russia. The organization's principal mission is to reduce barriers to trade and does this in three principal ways:

First, it reduces or eliminates restrictions on trade of manufactured goods, such as government subsidies of exports, quotas, and tariffs. This also includes elimination of restrictions on movement of international movement of money by banks, corporations, and wealthy individuals. Secondly, the WTO enforces agreements by ruling on whether a country has violated WTO agreements and has the authority to order remedies when a country has violated the agreements. Lastly, it works to protect intellectual property. It does this by hearing charges from individual corporations regarding copyright and patent infringement in other countries and can also order illegal copyright or patent activities to stop.

The WTO has been sharply attacked by critics. They charge that the WTO is antidemocratic because decisions are made behind closed doors and promote the interest of large corporations at the expense of the poor. Some also charge that the WTO infringes on the sovereignty of individual countries because it can order changes in taxes and laws that it considers unfair trading practices.