Bello’s article offers an assertive critique on the functioning of the WTO. The article is an important document which offers valuable insights on the nature of global markets. Bello argues that the WTO is only serving the interests of the wealthy countries and not the poor. In his arguments, Bello gives an assertive assault on the operations of the WTO, which are aimed at benefiting the wealthy countries.
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From an economic perspective, Bello’s arguments are a critique of the WTO. The article demonstrates the nature of exploitation the wealthy nations exert on the poor nations by adopting the WTO. The article is comprehensive in demonstrating the nature of global trade, which is facilitated by GATT-WTO in favor of developed nations particularly the US.
In his critique, Bello demonstrates the manipulation of trade tariffs by removing barriers of trade so as to create markets for developed nations’ products. The WTO and GATT are criticized for creating a liberal global market which is aimed at killing domestic industries in poor countries by encouraging imports at low or no tariffs. In light of this analysis, it is true arguing that the WTO serves the wealthy not the poor countries.
From a personal perspective, Bello’s arguments are authentic. It is true that the WTO is serving the interests of rich countries at the expense of poor countries. The WTO among other trade institutions like GATT, IMF, and World Bank are instituted by the developed nations. It is logical to argue that the developed nations have made these institutions to protect their interests.
The US brought agriculture to GATT-WTO in 1995 to ensure the developing nations rely on US food products. The expansion of WTO jurisdiction was motivated by US interests of eliminating trade barriers. This was not aimed at benefiting the poor nations but rather help the developed nations market their products. The overall policies and guidelines offered by the WTO are aimed at encouraging cross-border trade without restrictions.
This is a strategic plan by the developed nations to exploit the poor nations due to their weak competitive power. The dispute-resolution mechanisms adopted by the WTO are maliciously aimed at exploiting the developing nations.
The WTO operations are compromised by the interests of wealthy countries who seek to reduce and eliminate trade barriers. This subjects poor countries to undue competition, which leads to killing of domestic industries.
Bello’s critique is appealing and authentic in addressing the issue of international trade. The critique is positive and acceptable based on the factual support offered by the author.
The involvement of US in WTO affairs by pressurizing the incorporation of agriculture in GATT-WTO, free cross-border trade, formidable dispute-resolution, and expansion of WTO jurisdiction are maliciously made to benefit the US and other developed nations. The WTO caused more harm than good to the poor nations. Poor nations are pressurized to eliminate import and export tariffs.
This only benefits foreign trade and multinationals owned by the wealthy nations. The structural adjustment programs initiated by WTO, IMF and World Bank are exploitative to the poor nations. These initiatives by the WTO are aimed at liberalizing trade, which in turn benefits wealth nations who are more competitive.
The developing nations have been manipulated to enter into WTO, whereby these poor nations have been committed to eliminating restrictions on import tariffs and a pledge of not raising other tariffs on imports.