The World Trade Organization ( Wto ) Essay - 1508 Words

Globalisation is referred to as â€Å"The worldwide movement toward economic, financial, trade, and communications integration.† (Businessdictionary.com) Globalisation enables vast growth within international trade, foreign direct investment (FDI) and standard of living (measured by Human development Index). Globalisation in relation to Indonesia has greatly expanded the country’s international relationships, improved standard of living for the nation’s population and improved economic growth through assistance from strategies implemented to aid development. These strategies include Indonesia joining the World Trade Organisation (WTO) and introducing stimulating macroeconomic policies. Trade is defined as â€Å"the act or process of buying, selling or exchanging commodities, at either wholesale or retail, within a country or between countries.† (Dictionary.com- The definition of trade) Trade in indonesia has been greatly expanded through globalisation which has allowed the developing country to strengthen trade relationships with other developing countries as well as developed countries. Indonesia is the 25th largest export economy in the world and the 79th most complex economy according to the Economic Complexity Index (ECI). In 2014 Indonesia exported $197 Billion. It’s top exports include Coal Briquettes ($20B), Palm OIl ($17.5B), Petroleum Gas ($17B), Crude Petroleum ($9.7B) and Rubber ($5.42B). Indonesia’s top export destinations include Japan ($24.9B), China ($20.8B), theShow MoreRelatedThe World Trade Organization ( Wto )1741 Words   |  7 PagesThe World Trade Organization (WTO) is a global organization that helps countries and producers of goods deal fairly and smoothly with conducting their business across international borders. It mainly does this through WTO agreements, which are negotiated and signed by a large majority of the trading nations in the world. The purpose of the WTO is to ensure that global trade commences freely, smoothly and predictably while also aiming to create economic peace and stability in the world through a multilateralRead MoreWorld Trade Organization ( Wto )1577 Words   |  7 PagesWorld Trade Organization On January 1st, 1995 is when something genius was invented called The World Trade Organization s (WTO) which is the main worldwide universal association managing the tenets of exchange between countries. The World Trade Organization basically supplanted the General Agreement on Tariffs and Trade (GATT), which had been in power subsequent to 1948, a couple of years after the Second World War. Prior to when the WTO was made, an activity to begin something comparable knownRead MoreThe World Trade Organization ( Wto )1466 Words   |  6 PagesIntroduction Globalization has been one of the most import reasons why the world has become a place where everyone can communicate with each other, travel to places in a shorter period of time than before and have a massive variety of goods and services provided to, from which they can choose. Globalization opened a door and created a civilization that can bring people together and created all kinds of resources accessible to everyone. Technology improves every day and these helped countries toRead MoreThe World Trade Organization ( Wto )1345 Words   |  6 PagesThe World Trade Organization (WTO) is the most powerful legislative and judicial body in the world. It is an international organization that established to supervise and liberalize international trade. In total, there were 159 membership countries of the WTO in 2013. The WTO was created as part of the result of the Uruguay Round negotiations that concluded on 15th of December 1993. It was officially commenced on January 1, 1995 under t he Marrakech Agreement, and resulted from a series of GeneralRead MoreThe World Trade Organization ( Wto )831 Words   |  4 Pages1. Introduction The World Trade Organization (WTO) was established on 1995 as the result of Uruguay Round negotiations (1986 – 1994) and replacing the General Agreement on Tariffs and Trade (GATT) with the purposes of developing free trade without barriers and discrimination towards sustainable development . The relationship between the WTO and diverse non-commercial concerns was also raised in the debate of Uruguay Round, including government transparency, human rights in generally, cultural issuesRead MoreThe World Trade Organization ( Wto )1640 Words   |  7 Pagesthe global world starting to become one it seems as though every country wants to participate in the trading system. It is currently the biggest phenomenon. Many countries that want to join the trading sector are afraid of some of the issues that comes with it such as laws and regulations that do not align with other countries. Countries have now started to join the World Trade organization (WTO) to help them integrate into the trading sector and help them with laws and regulations. The WTO seems asRead MoreThe World Trade Organization ( Wto ) Essay1797 Words   |  8 Pagesanalyzes how the world Trade Organization serves to protect, reduce and eliminate any international conflicts surrounding trade exportations and/or importations. The first variable to be analyzed in this paper is how the World trade organization came into existence. This background reference will help describe why there was a need for the creation of this organization. The next variable to be analyzed in this paper is the purpose and function of the World Trade Organization (WTO). Also, this paperRead MoreWorld Trade Organization ( Wto )1055 Words   |  5 PagesWorld Trade Organization (WTO) is an international institution that supervises and ensures the executions of trade agreements and treaties among economic entities. Its headquarter is located in Geneva (Switzerland). It was called Economic UN for its status of international tr ade. The volumes of trade of the members have become the majority international trade. It is the maker, supervisor and executor of multilateral trade treaties and agreements. It is an important place to settle trade disputesRead MoreThe World Trade Organization ( Wto )1587 Words   |  7 PagesIntroduction The World Trade Organization (WTO) is the only global international organization that regulates the rules of trade between member nations. Its mission is to create a â€Å"common institutional framework† that will facilitate trade negotiations and settle disputes. Decision-making in the WTO include both formal and informal processes. At the formal level, decision making takes place under a specific legal framework, which includes rules or guidelines, division of authority, legal ramificationsRead MoreThe World Trade Organization ( Wto )1747 Words   |  7 PagesTo the Minister of Foreign Affairs, As I am sure you are quite aware, the trade and use of asbestos has always been a contested issue on and international scale. Canada itself was involved in an international trading dispute regarding asbestos with France, when the French government prohibited the import of all asbestos and asbestos products in a 1996 decree. The economic sanctions that have been placed on Canadian asbestos products by France have arguably damaged the historic economic and