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Wto And Emerging Economies Essay

821 words - 4 pages

The World Trade Organization (WTO) was established 20 years ago in 1995 with the aim of creating a prosperous and unified global trading block. To date, the organization has yet to achieve this goal. Thus, the threat of the irrelevancy of the WTO is not far, as we see more unilateral and regional trade agreements being established. This is a result of the WTO reaching a period of impasse. Moreover, new rising powers such as Brazil, China, and India must maintain a careful balance as they negotiate their way to the top (Narlikar, 2010). This analysis seeks to answer the following question: will rising powers integrate into today’s world trade order? This analysis will begin by discussing how ...view middle of the document...

Therefore, it makes no difference with whom, and under what institutional mechanisms, they negotiate. In my opinion, rising powers fail to socialize as they turn into established powers. This notion challenges one of liberal scholars' popular claims when they paint an optimistic picture regarding China's rise in economic prosperity. Domestic political culture is informed by the absence of effective negotiating processes.

Furthermore, not only have emerging powers made it difficult to reach a unanimous consensus at the WTO, but developed countries are benefiting from rules they have carved to suit their interests. For example, the WTOs dispute settlement mechanism is one of the ways in which developed countries maintain an upper hand over developing nations. Economic asymmetry and political power are two of the reasons why the dispute settlement mechanism benefits the developed versus the developing. By assessing economic asymmetry, we can deduce that litigation is costly. Most developing countries cannot afford to pay the same costs of litigation that a country like the United States can. This puts a developing nation at a loss. Likewise, political power also plays an imperative role in why developing nations fail to participate through the WTO’s dispute settlement mechanism. Developing nations, as Elsig and Stucki point out, fear that they will not be able to enforce rules or that they will “be subjected to some form of revenge from more powerful states”. Thus, for an organization that thrives on consensus, it is...

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