The WTO has played a significant role in reshaping the trade as an element for attaining higher established goals for every developing country. However, the effect of this WTO varies from country to country (Hoekman, 2016).. The WTO has managed to help the nations which are still developing to be able to participate in the world economic arena. Also, it has played as a forum for all the developing nations to try and compete the quality of their services and goods with those of others. Hence, the overall quality of services and goods increases which will in turn enhance the quality of the life in a country. Again, apart from strengthening the economic relationship among different nations, it has managed to help the development and trade to go hand in hand c
Furthermore, the biggest achievement which the WTO has on developing nations is that it has managed to help them to provide market for their manufacturing goods something which has improved exports at a higher speed (Wachtel, 2017).. The WTO has also played an important role in offering technical assistance, access to newer technologies, and knowledge of quality goods to the developing countries. Due to the multi-lateral disciplines and rules, it is expected that conditions of fair trade will be established for the developing countries, also the systems of dispute settlement will help to evaluate the disputes which are arising out of it (Hoekman, 2016).
With these positive effects, the WTO also has brought some negative effects. The WTO is basically dominated by the top industrialized countries and also by the corporation of such nations. The developing nations have a less say to WTO. Also, the developing nations have less technical and human resources and hence normally enter into negotiations less prepared as compared to their developed counterparts. Furthermore, the tariffs escalations and peaks of WTO basically hamper the exports of the developing nations and their efforts in the export diversification. Through the numerous agreements which are signed under the WTO, the nations which are developing have actually excluded a wide range of developing alternatives. The other negative impact of WTO is that the domestic economy supporters normally face neglect due to the international competitive better products (Waterman, 2016).
The main agendas of the WTO are basically created in the favor of the countries which are developed, hence sidelining the interests of the countries which are developing and the ones which are least developed (Wachtel, 2017).. Again, the rules which have applied uniformly on the WTO have lead to inequalities due to the varied economic conditions of the nations. The countries which are developing have again discovered that looking for the resources in the dispute settlement system is expensive and also needs a legal professional whom they may not have (Hoekman, 2016).
Hoekman, B., 2016. The World Trade Order: Global Governance by Judiciary?.European Journal of International Law, 27(4), pp.1083-1093
Wachtel, H., 2017. World trade order and the beginning of the decline of the Washington consensus. Challenges Of Globalization: New Trends in International Politics and Society, p.173.
Waterman, P. ed., 2016. Labour worldwide in the era of globalization: Alternative union models in the new world order. Springer.