Abstract:
The World Trade Organization (WTO), established in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT), plays a critical role in regulating international trade. Its mission is to promote free and fair trade by reducing barriers and resolving disputes among its 166 member countries, which account for over 98% of global trade. The WTO ensures compliance with trade rules, with a particular focus on protecting the interests of smaller nations, and addresses a wide range of issues, including intellectual property and agriculture. However, the organization faces significant challenges, such as the rise of the digital economy, the impact of climate change, and increasing protectionism, underscoring the need for reform. Critics argue that the WTO often favors developed countries, to the detriment of developing nations. To remain relevant, the WTO must modernize its processes. This paper seeks to analyze the WTO's role in regulating international trade, examine contemporary challenges, and evaluate potential reforms to enhance its relevance and equity for all member states.
CITATION:
IEEE format
T. Radojević, D. Rajin, J. Nikolić, S. Yildirim, “WTO's Role in Shaping Global Economy and Contemporary Business Dynamics,” in FINIZ 2024 - Social Media and Contemporary Business, Belgrade, Singidunum University, Serbia, 2024, pp. 70-76. doi: 10.15308/finiz-2024-70-76
APA format
Radojević, T., Rajin, D., Nikolić, J., Yildirim, S. (2024). WTO's Role in Shaping Global Economy and Contemporary Business Dynamics. Paper presented at FINIZ 2024 - Social Media and Contemporary Business. doi:10.15308/finiz-2024-70-76