To What Extent Has the World Trade Organisation Helped to Create a Global Trading Environment That Is Favourable for Your Business or Country?

Topics: International trade, World Trade Organization, General Agreement on Tariffs and Trade Pages: 2 (573 words) Published: November 21, 2012
The World Trade Organization (WTO) was established in 1995 after the Uruguayan Round. It embodies the international organization which deals with a wider range of aspects related to the international trade. The WTO controls the international trading system. It represents an evolved instrument of negotiation in comparison with the preceding General Agreements on Trade on Tariff and Trade (GATT). Hoekman, B.M. & Kostecki, M. M. (2009) WTO includes many important improvements on economic issues, disciplines and commitments of the international negotiation in addition it shape the current Multilateral Trading System (MTS). United Nations Conference on Trade and Development (2008) Reports have shown that WTO was creating a favorable condition for business in Peru during the last 10 years. WTO (2007) since the beginning as member of WTO Peruvian governments have express their interest to continue doing necessary improvement in its legislation in order to achieve a completely integration to the global market as well as liberation of trade, WTO (2007) actively participation in negotiations and integration agreements is evidence of that. For instance Peru has bilateral agreements in force with: Unites States of America, Chile, Mexico, Canada, Singapore, China, South Korea, Thailand, Japan, Panama, Andean community (CAN), Asia pacific Cooperation Forum (APEC) Latin America Integration association (LAIA), MERCOSUR, agreements signed with : Venezuela, Costa Rica, Guatemala, European Union, and Agreements in negotiation: El Salvador, Honduras, Doha program, Pacific alliance. (2012 Foreign capitals entering to the local market in Peru are steadily increasing as result of trade negotiations also it has made possible to some local industries access to the international market. However Peru still depends on commodities exportation, for example traditional products that are mainly agricultural and minerals such as Cooper, gold, oil and fish meal represent the 75.37%...
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