What are the issues facing the WTO in 2006 Essay

What are the issues facing the WTO in 2006 - Essay Example Trade liberalization aimed at the economic development of poorer countries through export growth hangs in the balance, with the United States and European Union poised as spoilers. These are the main issues facing the WTO in 2006. This has arguably been the most critical year in the history of the organization. The founding principles of the WTO – trade liberalization that yields a rising tide that raises all ships; and the fair and timely resolution of trade disputes – hang in the balance as richer countries are reluctant to proffer greater access to their markets in exchange for access to markets that may lack the capacity to fully reciprocate the benefits. In 2006, the question of whether truly free trade between rich and poor countries is even possible, assuming countries act in their self interest, is perhaps more palpable than it has ever been before. As membership in the WTO increases, the effectiveness of the trade body in living up to its founding purposes will become increasingly scrutinized. Nevertheless, the benefits of membership in the organization are clear for both rich and poor countries alike. While lowering trade barriers has been perceived as a greater benefit for poor countries, the ability of wealthier countries to effectively resolve disputes, with real teeth behind the adjudication of trade disagreements, has made membership desirable. The issues that have arisen in 2006 have made clear that the WTO is here to stay. The promise of the WTO for poor countries has been the ability to boost exports for manufactured and agricultural products, which tend to be the main focus of production for less developed countries. Several years after wealthy countries agreed to forge an international trade system in which less developed countries could thrive, little substance has been achieved. â€Å"Rich countries promised 41/2 years ago to make the global trade system fairer for poor countries, changing rules to help them reap the rewards of