WTO¡¯s Global Trade Summit at Bali: Pre and Post Bali Scenario
General Agreement on Tariffs and Trade (GATT) was transformed into World Trade Organization (WTO) in 1995. Since then, WTO has tried to build a global Multilateral Trading System keeping away the concept and practice of regionalism out of the globe. In 2011, WTO initiated Doha Development Round (i.e. Doha Development Agenda) to promote global trade on the principle of equitable distribution of gains arising out of the world trade. More than 12 years have elapsed since the trade negotiations started under the WTO regime in 2001. This deadlock has pushed the concept of new regionalism with growing numbers of bilateral agreements among countries. There was an increased feeling that the purpose behind the creation of WTO is defeated and that the global multilateral trading system is in danger. Indeed, the future of WTO is uncertain. In 2013, after WTO trade negotiations at Bali in Indonesia, it is believed that global multilateral trading system is back on track. With such aback drop, this paper looks intothe issues relating to the role of WTO in promoting world trade and impact of the Bali Declaration on the member countries.
Volume (Year): 6 (2014)
Issue (Month): 1 (March)
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