Explain the role of World Trade Organization (WTO) in the present context. Discuss the merits and demerits of TRIMs and TRIPs.
The World Trade Organization (WTO) remains the foundational pillar of the multilateral trading system, even in the face of contemporary challenges. Its primary role is to ensure that global trade flows as smoothly, predictably, and freely as possible. In the present context, it acts as:
Despite challenges—such as the paralysis of its dispute settlement body and difficulties in reaching new agreements—the WTO’s framework underpins most of world trade, preventing a slide into protectionism.
Two significant WTO agreements are TRIMs and TRIPs:
Thus, while WTO agreements enhance predictability and global integration, they also expose tensions between efficiency-driven liberalization and the developmental needs of poorer nations.
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