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The Impact On A Business Firm When A Host Country Joins The Wto.

1819 words - 7 pages

The time is not far when the face of the economic side of the world will change with the advent of the rules and regulations of the World Trade Organization being implemented on the 1st January 2005. This is something that has been on the cards for a very long time and it was being planned and European Union has been a prime example that it could be a great success. All the economies and the signatories to the world trade organization have agreed upon it. They are all working towards the genuine implementation of the plan in the coming years and the implementation process has already begun.It may seem a touch complicated but in actuality it is not. The major problem as far as world trade and globalization is concerned is the fact that the duties are so high that the firms find it a touch too difficult to compete. In fact the reason for the imposition of the duties is to safeguard the nation and the local industry from the international competition. But that seems kind of unfair on to those who are faring well. That is why it has been decided that after the beginning of 2005 there will be just flat duty rates of 5% and all the nations are already working towards that. The import duties are already being slashed and that will be the time when there will no longer be any export quotas and the nation will have to strive really hard to survive. It is based on the simple principles that it will be for the survival of the fittest. Those who want to work hard and are capable of doing that will do so. On the other hand who are inefficient and not working hard enough will be wiped off completely and the reason for that is that the survival will be wholly solely and completely dependent on the efficiency and the productivity of the nation.That will change the perspective of things and take a holistic view of things. It will be more regarding the practices in the world market and will focus on the export marketing sector. It is not longer as easy to make things and just dump them on the market because prior to this there were nations who either priced their products too highly or there were too many barriers in form of taxes, duties, import duties, tariffs and other barriers. This made their product somewhat non-competitive in the international markets. That is why the local industries were able to survive. But now with this ruling the markets will open up and we shall become a global village in the true sense and that is why it will be most important to ensure that the things get shaped out for the best of the human race.World would become a global village where the distances would have no value and at the end of the day it will be all about who can make what and at what economical rate. That is why many of the economies are looking into it and they are apprehensive about their own survival. They need to know for a fact that they will be able to survive when it comes to that. They cannot afford to stay quiet and they know that if they let it all go to the...

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