Paper Example on Global Trade: Enhancing Development Through Technology & World Trade Organization

Introduction

The international integration of economies into a structured economic system has been one of the mutual ways of enhancing development and interrelationship around the globe. For centuries, trade has been evolving depending on several significant factors embraced by the world. For instance, technology has been one of the vital elements that have supported the globalization of a world economic block. It has led to the development of the world trade organization as an agency that enhances the policy development of trade and trading activities across the world. Subsequently, the trade agreement has been another influential factor whereby countries have developed region block to supports trade and trading processes. The two factors have been instrumental in driving out exports, policies, and meeting demands around the globe. It has further led to the development of world trade organization (WTO) and regional trade agreements (RTA), respectively. The world trade organization is global trade dealing with governing policies of trade between nations (Golubev, 2014). On the other hand, Regional trade agreement is a treaty that exists between either two or more countries wishing to trade under defined trade rules. Recently, the Regional Trade Agreement seems to be competing with the world trade organization (Golubev, 2014). The Regional Trade Agreement (RTA) has allowed countries to set tires depending on their offers and commitment to specific services. It has raised a mixed reaction in the world trade organization set policies about intellectual property, investment, competition policies, and environmental standards. This paper aims at providing a descriptive analysis of the systematic structures of world trade and situational prospects of trade

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Analytical Framework

In 2006, the world trade organization negotiators approved the Regional Trade Agreements to bolster transparency of trade among nations. The World Trade organization council found a need for this mechanism to create economic blocks of agreements among nations. Since then, its urgency has been felt, creating several agreements around the globe. The development of the General Agreement on Tariff and Trade (GATT) has subjected various nations on trade engagement. In this aspect, the General Agreement on Tariff and Trade (GATT) provides the operational ties on imports, exports, and services (Youri & Asja, 2007). The 21st century has fully embraced the Regional Trade Agreements with renewed efforts being in the forefront in supporting the balance of trade, competitiveness strategies, and policy enhancement.

Subsequently, the regional trade Agreements blocks have promoted the competitive advantage to negotiate bilateral trade approaches with other countries outside their block. For instance, the European Community has declared persuasion to trade with several nations such as India, Central America, Andean community, South Korea (Youri & Asja, 2007). This bilateral approach subjects the bargaining power of the European community in new agreements. Ideally, this approach has allowed blocks to liberalize tariffs in an engagement further. This has influenced other Regional Trade Agreements who are ambitiously seeking to pursue the bilateral agreement, thus broadening the trade relationship around the globe.

Generally, RTA emphasizes the constructed bilateral and multilateral agreement that boosts interconnectedness of the World Trade Organization. In his aspect, the world trade organization focuses on specific policies rather than establishing agreements. In this aspect, the World Trade Organization has established enabling classes based on goods, tariffs based in the General Agreement on Tariff and Trade, and favorable treatments rules (Youri & Asja, 2007). This clause imposes various constraints concerning options of policies and limitations to bring about fair deals without the different exploitation that may cause an imbalance of trade. Therefore, Regional trade Agreement compliance starts with the World Trade organization clauses satisfactory. The World trade organization committee thereby verifies their terms of bilateral and multilateral approach under a regional trade Agreement. The dealings should be practically functional as per the constitutional clauses of the World Trade Organization (WTO).

Situation Analysis

Regional Trade Agreement performance cast projects non-functional compliance to the World Trade Organization in the recent past. The World Trade Organization has faced mixed methodologies in subjecting world trade consensus to the multilateral rules. This has created a significant credibility gap regarding the World Trade Organization expectation and the Regional Trade Agreements. The aggressiveness of the regional block has ignored the fact that there exist regulatory policies that govern fair trade processes. In this case, the World Trade Organization supremacy laws and the Regional Trade Agreements are incompatible. Currently, the Regional Trade Agreements focuses on the offers and mutual promises binding nations. This makes the World Trade Organization laws null and void due to the constitutional overstretch (Youri & Asja, 2007). Additionally, this has threatened the widening gap between the world trade organization capabilities and their expected functionalities.

The due process to enhance World Trade Organization credibility consist of the three basic paradigms. First, the agency needs to revive underlying legal compliance are subject all treaties to abide by these clauses (Youri & Asja, 2007). The implementation process should capture Regional treaties systematically across the world to enhance the effectiveness of the agency. Furthermore, the agency needs to provide interpretation to clauses that dispute with the Regional Trade Agreements using systematic evaluation criteria on a deficiency on legitimacy. In this aspect, part of the requirements will access the legality of Regional Trade Agreements and provide solutions to major issues in trade treaties.

Secondly, research should extensively cover up gap existing in the World Trade Organization clauses that have let Regional Trade Agreement dominance. Leading scholars need to find long-lasting solutions on fundamental proponents of enhancing compliance in the Regional Trade Agreements around the globe (Youri & Asja, 2007). In the due process, scholars will develop powerful compliance instruments by generating reports, strategies reviews, data collection, and data analysis. These compliance instruments will enable the World Organization Trade to develop positive steps essential in building better capacity to govern world trade.

Thirdly, the substantive rule should reign international trade by developing permanent surveillance strategy to establish actual enforcement stands. The strict measure will enhance compliance and respect in Regional Trade Agreements (Youri & Asja, 2007). The World Trade organization thus needs to fulfill its mandate in improving provision to Regional Trade Agreements and approval on agreement. This is counterproductive strategies of the World Trade Organization laws and enhancing the credibility of the legality of treaties around the globe.

Conclusion

In conclusion, the evolution of world trade and regionalism has projected mixed relation on international trade. For centuries, the World Trade Organization has developed several achievements in enhancing balance trade around the globe. Recently, there have been significant achievements in the regional trade Agreement as opposed to the World Trade Organization (Golubev, 2014). The counterproductive strategies of World Trade organization ha primarily supported a better governing prospect of the world trade in consideration of policies for balanced trade around the world. It will reduce the burden of inequalities in world trade and the exploitation of regions and nations with less capacities. The aim of the World Trade Organization is to establish standard significant in settling trade problems and ensuring equitable trade.

References

Golubev, V. (2014). Inter-State Disputes in International Trade: Normative and Jurisdictional Conflicts Between the World Trade Organization and Regional Trade Agreements. SSRN Electronic Journal. doi: 10.2139/ssrn.2713063

Youri, D., & Asja, S. (2007). The World Trade Organization and Regional Trade

Agreements: Bridging the Constitutional Credibility Gap. Duke Journal of Comparative & International Law, 18, 1.)