The World Trading System

Paper Summary:

This paper explains Rege's optimistic approach to the growing world trade problems. In need of uniform rules he naively proposes the WTO as the only suitable system of standard which can provide stability. The writer refutes this argument and claims that this article does not fully address the implications of international trade prevalent in the world today.

From the Paper:

"Rege is correct in his analysis that as international trade increases we need a standard system like World Trade Organization. Due to the effective policies of WTO it has now 136 members and there are other waiting inline for its membership which includes countries like China, Russia and Ukraine. At the heart of its system known as the multilateral trading system are WTO's agreements, negotiated and signed by a large majority of the world's trading nations, and ratified in their parliaments. Its main purpose is to ensure that trade flows as smoothly, predictably and freely as possible ."

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