This article is a strong recommendation to the country of Lebanon to join its Middle Eastern neighbours by becoming a member of the World Trade Organization. The WTO is an organization that helps advise, regulate, and supervise countries around the world with their import and export trading. Officially recognized by the world and established at the beginning of 1995, the WTO has been the stage for all countries to come together and abide by specific ground rules. The WTO can be looked at as an open trade organization, a system that provides specific trade rules, a location to resolve any trade disputes peacefully, or a forum for governments to negotiate trade agreements.
The WTO according ...view middle of the document...
Its regulations and guidelines create an efficient and productive method for countries to trade with each other, which will benefit economically in the process. The organization was priory known as the General Agreement on Tariffs and Trade (GATT). According to (Howard, 1996, p.24) the GATT was created by multilateral organizations, such as the World Bank and the International Monetary Fund (IMF) after the Second World War as a means to build an economical bridge between countries. The WTO Came into play through a series of negotiations that took place between the mid eighties and nineties, called the Uruguay Round. Through creating a foundation for all countries rules and regulations, it gave them the key negotiating edge that helped solidify the bridge. The WTO is currently the host to new negotiations, under the “Doha Development Agenda” launched in 2001 at the moment, the WTO consists of over 150 countries where 115 of them are developing countries. Since its creation, the WTO has helped all its members increase their overall GDP, along with a steady rise in the inflation; making for a healthier economy.
According to the WTO book (Reis & Kahn, 2009) this organization is responsible for a variety of components, yet is known foremost as an industrial analyst. Reason being, it constantly oversees all operations that take place within any trade agreement. The WTO oversees the quality and conditions of the product, all administrative work, and transportation logs. Renowned for its economical research and analysis center, the WTO continually assesses current global trade issues, finding the most feasible solution available. The WTO created a complete principle system, where these criteria are of particular importance:
- Non-Discrimination and Reciprocity
This clause ensures that no one discriminates between trading partners.
This clause helps lower trade barriers while respecting the countries restrict policies.
This clause ensures that no rule or regulation will change randomly.
This clause specifies that all actives and documentation need be shown. This helps them to determine the fairness of the trade, helping each country’s government with the best deal possible. This gives all countries, regardless of their status to have a fair deal.
- Safety valves:
This clause dictates that their safety guidelines be upheld at all times. These guidelines include measures to protect the environment and public health.
The Lebanese Civil War which took place from 1975 to 1990 drastically harmed Lebanon’s economical infrastructure. During the war, Lebanon experienced its highest level of deflation, one thousand and one percent, and lowest GDP points. According to (“The content team”, 2010, p.56), this deflation made the ever popular Lebanese pound reduce in value by one thousand percent. This placed a heavy burden on the majority of the business owners and families within the country. During this war, Lebanon set an example world side on...