10. Reading. World Trade Organization

  

Technological advance and changes in the political climate have deeply affected trading all over the world — in a positive way. The World Trade Organization was established in \(1994\). Its main objective is to set the rules for international trade and enforce them.

 

There are \(164\) member states that control more than \(95\) percent of world trade. The longest process of becoming the member experienced Russia — it took our country \(21\) years to become a WTO member.

 

The WTO also deals with improving the standards of life in different countries, guaranteeing the opportunities if employment, boosting the production of goods worldwide and making trade environmentally friendly.

 

All the decisions are made on the basis of consensus. In case it can’t be reached, vote principle can be applied. The WTO overlooks a number of agreements. The are legal documents regulating various trade activities, for example, agriculture support, sanitary, property rights, etc.

 

The members’ contributions provide the WHO’s income. The biggest contribution is made by the United States. Although the WTO has been criticized many times, the researches show that it actually increased the trade.