Question

Why do you think we need global trade organizations?

Why do you think we need global trade organizations?

Homework Answers

Answer #1

We need global trade organizations because :

  • The world is increasingly becoming interdependent - countries are specialized in their production of goods and services, and thus each country needs to engage with several countries to satisfy their requirements
  • Open borders and communication have led to increasing global trade
  • A dispute redressal mechanism is required to settle trade disputes between countries
  • A global organization is required to facilitate smoother global trade by overcoming barriers of communication and diplomacy
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