Description
The United States, the European Union, and several rapidly growing developing countries are eagerly joining free trade agreements to lower or eliminate tariffs on goods that are important to them. However, these agreements appear to contravene the intent of the World Trade Organization, which is to reach multilateral agreements among all member states.
How do countries disregard the intent of the World Trade Organization and, are these trade agreements beneficial to overall world trade?
Explanation & Answer
Attached.
TRADE AGREEMENTS
TRADE AGREEMENTS
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TRADE AGREEMENTS
Trade Agreements
Economists articulate that World Trade Organizations and the Free Trade Areas (FTAs) are invaluable to member
countries. Other scholars argue that this WTO is not a forum for solving world economic problem but rather, it is an
industry for the problems in the economies, especially in the less developed countries. They argue that the economic
policies should be applied partially by individual countries to the associated disadvantages. In this paper, I will
expound on the issue of developed economies joining the Free Trade Agreements (FTAs) to lower tariffs and
eliminate the existing barriers of trade and how they contravene the rules of the WTO. I will also expound on
whether such business activities are beneficial to the overall world business.
World trade organization is k...
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