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Survival of the World Trade Organization through Efficient Reforms

Authors: Dr. Md. Habib Alam;

Survival of the World Trade Organization through Efficient Reforms

Abstract

{"references": ["https://www.wto.org/english/thewto_e/thewto_e.htm (accessed on 30 May 2020) Members and Observers. https://www.wto.org/english/thewto_e/whatis_e/tif_e/org6_e.htm (accessed on 30 May 2020). 10 things the WTO can do. https://www.wto.org/english/res_e/publications_e/wtocan_e.pdf (accessed on 30 May 2020). Agreement Establishing World Trade Organization. https://www.wto.org/english/docs_e/legal_e/04- wto.pdf (accessed on 30 May 2010). What we do. https://www.wto.org/english/thewto_e/whatis_e/what_we_do_e.htm (accessed on 30 May 2020). DG welcome message. https://www.wto.org/english/thewto_e/dg_e/dg_e.htm (accessed on 31 May 2020). WTO disputes reach 500 mark. Volume: 1, Issue: 3, July 2020 issjournal.com 163 https://www.wto.org/english/news_e/news15_e/ds500rfc_10nov15_e.htm (accessed on 31 May 2020). Steger P.D. (2010). Redesigning the World Trade Organization for the Twenty-first Century ( 1st Edn. Wilfrid Laurier University Press 2010). https://www.cigionline.org/sites/default/files/redesigning_the_world_trade_organization.pdf (accessed on 31 May 2020). WTO: An Overview \u2013 A brief History of WTO. https://shodhganga.inflibnet.ac.in/bitstream/10603/168133/10/10_chapter%203.pdf (accessed on 31 May 2020) . G20 summit 2019: Trump: Won't be raising tariffs for time being. https://www.aljazeera.com/news/2019/06/g20-summit-2019-latest-updates190624071602768.html (accessed on 1 June 2020). Thirty-five Years of Uniform Sales Law: Trends and Perspectives. https://www.uncitral.org/pdf/english/texts/sales/cisg/35_Years_of_Uniform_Sales_Law-E.pdf (accessed on 1 June 2020). Administration of Donald J. Trump, 2019 The President's News Conference in Osaka, Japan. Website: https://heinonline.org/ (accessed on 12 August 2019). Aditya Rathore, Ashutosh Bajpal. The WTO Appellate Body Crisis: How We Got Here and What Lies Ahead? https://www.jurist.org/commentary/2020/04/rathore-bajpai-wto-appellate-bodycrisis/ (accessed on 1 June 2020). https://www.kalerkantho.com/print-edition/industry-business/2019/09/04/810701 (accessed on 1 June 2020). Yueju N. Japan's Policy towards the WTO Reform. Website: Website: https://heinonline.org/ (accessed on 12 August 2019). Yan S., The EU's Push for WTO Reform: Proposals, Paths and Impacts. Website: https://heinonline.org/ (accessed on 12 August 2019) The Jurisdiction of the WTO. Website: https://heinonline.org/ (accessed on 26 August 2019). United Nations Convention on contracts for the International Sale of Goods. https://www.uncitral.org/pdf/english/texts/sales/cisg/V1056997-CISG-e-book.pdf (accessed on 1 June 2020) Cyndee Todgham Cherniak, Canada: Canada And the EU Agree to WTO Dispute Settlement WorkAround. https://www.mondaq.com/canada/international-trade-investment/832124/canada-and-the-euagree-to-wto-dispute-settlement-work-around (accessed on 1 June 2020). Covid-19 and world trade. https://www.wto.org/english/tratop_e/covid19_e/covid19_e.htm (accessed on 1 June 2020). Azevedo: WTO reform is already happening. https://www.wto.org/english/news_e/news19_e/tnc_19jul19_e.htm (accessed on 2 June 2020). Sipahi E. (2020). \"Tax Planning and Firm Value: An Empirical Analysis of Consumer Goods Manufacturing Companies in Cyprus\". Socialsci Journal Vol 6 (2020) ISSN: 2581-6624 http://www.purkh.com/index.php/tosocial."]}

The World Trade Organization (WTO) plays a vital role in the international trade community. As of 30 May 2020, 164 states signed the WTO agreement, i.e. USA, China, India, Japan, Canada, Australia, United Kingdom, Newzealand. WTO holds 98% of world trade within the international trade sector. The birth of the World Trade Organization may be traced back to the end of the Second World War. During the Second World War, for economic growth, International Trade Organization (ITO) was formed with the other two intergovernmental organizations (i.e. the International Monetary Fund and the World Bank). ITO could not succeed due to nonratification of the Havana Charter by the United States Congress. After unsuccessful of ITO, General Agreement on Tariffs and Trade (GATT) was established to overcome the problems as observed in the ITO. However, the GATT was not free from criticisms due to different factors, i.e. misusing the rules of GATT, 80% of trade transactions were conducted through bypassing the GATT rules among the GATT member states, by not putting the contractual parties on equal footings, providing discriminatory measures towards developing and least developed countries by the developed countries etc). To overcome these obstacles of GATT, WTO came into effect on 1 January 1995. However, the USA claimed that the DSB of the WTO has performed its functions ultra vires and provided judgments against the notion of Article 3.2 of the DSU. Thus, the existence of the WTO is at risk now. Legal scholars, world leaders in G20 Osaka Summit 2019, UNCITRAL’s report and the WTO suggested for necessary and efficient reforms of the WTO. This research will examine how efficient reforms of WTO may be achieved from legal and policy perspectives for sustainable economic growth around the world.

Keywords

GATT, efficient reforms, sustainable economic growth, intergovernmental organizations, WTO

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This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
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