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World Trade Organisation (Benefits of WTO (The system helps promote peace,…
World Trade Organisation
Facts
Location: Geneva, Switzerland
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Succeeded GATT (General Agreement on Trade and Tariffs) which was signed in 1948 and last until 1994)
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Failures
Several countries, including Kenya, India and Pakistan, have been calling the WTO to force developed countries such as the United States to cut down and reduce the amount of subsidies paid to farmers since they overproduce
threatens the livelihoods of farmers in the developing world since their products are of higher value and lower quantity in the global market => do not appeal to consumers
WTO have remained largely dominated by traditional economic powers, such as the US and EU, with discussions failing to deliver promised change