Role of World Trade Organization in Globalization

The emerging new technologies such as communication technologies and information, we are not only witnessing to creation of new product but also to a change the characteristics features of traditional products. It is not so much matter when innovation is mentioned in the context of developing countries, but more the challenge of using of new technology in domestic context. Project Objective The main objectives of this paper is importance of technology as it is increasingly becoming element of globalization and to analyses volume of transition economies that have become integrated into global economy. Project Scope It is important to lead the reader trough global trend in different aspects for a better understanding of globalization as a concept, but also understanding how the change in technology can restrict economies and societies and how these changes can affect less advanced economies and societies.

Literature Review World Trade Organization (WTO) is a worldwide organization that aid countries and goods manufacturers to fairly transact their businesses across different borders. Among the many accomplishments of the Uruguay Round was the formation of World Trade Organization, which is presently working on modest negotiations as well as agreements called Doha Development Agenda that began way back in 2001. According to WTO, liberalization of trade attained ever since it came to be has increased the income globally by as far as $610 billion. Since its inception, World Trade Organization together with its settlement of disputes as well as the work of its team of secretaries have by far been pivotal to the well-functioning and management of the world trade. When the 2008 financial crisis that plagued the world economy and escalated the unemployment rate and forced many local industries to shut down, the World Trade Organization came in and stopped the tit-for-tat isolationism that nations betrothed in throughout the Major Depression.

The Doha Round is mainly concentrated on delivering escalated markets to be accessed by goods and services from the less developed countries. GATT could not address the new demands of the world trade as it had been formed on totally different agenda. It was courtesy of the challenges that had faced GATT that in 1986 led to the biggest trade negotiation that was in line with the creation of a body to take over the emerging issues on top of the responsibilities of GATT. The event took place in Uruguay Round in a pace called Punta Del Este. The main objective which later became the final accomplishment of the round was the creation of WTO. The WTO was then mandated to work on the Doha Development Agenda that later started in the year 2001.

  Trade barriers that WTO has managed to remove between countries in most cases have not been the essential challenges to the trade barrier between nations. In an attempt empower small economies that are members’ states, WTO has abolished tariffs and custom duties on their commodities but again that has been met with resistance from bigger economies. When issues arise, it works to settle disputes based on the legal agreements that the countries have adopted and ratified in their governments. The summary of the responsibilities of WTO and Globalization can be outlined as below: a) To help in the settlement of disputes as well as the trade tensions that may exist in the process of doing trade in the regions of focus.

The body acts as a governing body and in that capacity discourages unfair business practices in trade and associated activities for instance subsidies on exports, product dumping at relatively lower prices and market shares. Realization of stable economies and better living standards in the long run had been proved futile unless the organization changes its strategy. There is need for a revisit to the organization objectives as well as challenges so as to allow room  for technological advancement and empowering of people on the  global arena  by the  organization rather  than  the  organization  lying too  low like it has done before.   Challenges Presently Faced By Globalization Even with the many success of the World Trade Organization, changes in the global economic arena forms a sequence of noteworthy challenges for the entire organization.

The most apparent challenge is the Development of Doha-the new round of the multifaceted trade consultations to take trade liberalization a notch higher as well as reform the World Trade Organization. Even after many years of negotiations, the Doha Development still remain incomplete (Daugbjerg and Carsten, 2017 p501). This kind of change occurs due to the existence of cultural ideas on how technology transforms their lives. The relationship that exists between culture and technology is very conceptual. From the view of technological importance, culture is normally viewed on the framework of technological developments. Nevertheless, the main concentration is on the development of technology where it has resulted into the cultural change. Another obvious challenge afflicting the operations of World Trade Organizations is the bottomless dissatisfactions of less developed nations in regard to the gain balances as well as costs of adjustments between them and the already developed countries.