World Trade Organization

Paper Summary:

This paper gives an overview of the World Trade Organization (WTO), discusses its history, its main functions and its major achievements to date. It also takes a look at the criticism directed at WTO and whether it is justified, according to the literature reviewed.

Table of Contents:
History: GATT (1947) to WTO (1995)
The Need for WTO
The WTO Agreements
Criticism of WTO
Is the Criticism of WTO Justified?
Conclusion

From the Paper:

" On the other hand, many people in the US object vehemently at what they perceive as the "illegal ceding of our sovereignty to the WTO" (Grigg 2005). While making the objection, writers such as Norman Grigg are referring to several recent of WTO decisions. For example, in December 2004, a WTO panel ruled that the subsidies provided by the federal government to the cotton industry was illegal as they were suppressing world cotton prices and causing "serious prejudice" to Brazil's interests. (Ibid.)"

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