The World Trade Organisation Essay Example | Topics and Well Written Essays - 4500 words

The World Trade Organisation - Essay Example Considering the on-going trading between developed and developing countries, WTO is often accused of benefiting richer nations to the detriment of poorer ones. For this study, the advantages and disadvantages of joining the WTO will be discussed. Based on the evidences gathered during the research process, critical analysis will be applied in the study. Prior to conclusion, recommended ways in which the WTO could be transformed positively in terms of being able to help developing nations will be tackled. For the conclusion part, whether or not the WTO is benefiting richer nations to the detriment of the poorer ones will be answered as part of the conclusion. Thesis Statement â€Å"The truth behind the accusation that the WTO is benefiting richer nations to the detriment of the poorer ones† Advantages and Disadvantages of Joining the WTO Advantages Increases the Overall Economic Activities in Developing Countries WTO offers a better business opportunity on the part of developing countries. A good example is the case of China which signed the joining contract with WTO back in 2001. (Klapper, 2008; Mastel, 2001) Prior to China’s active participation in the world market, the country was considered one of the most underdeveloped countries due to lack of infrastructure, technology, and technical skills that could enable them to compete with developed countries. (Chow, 2006) Because of the huge market in China and cheaper labor costs, developed countries like the U.S., Canada and Europe among others began establishing their manufacturing companies in China.