International Business Essay Example | Topics and Well Written Essays - 2500 words - 5

International Business - Essay Example They played a major role in the integration of developing countries in to the multilateral trade. Their trade diversified through the flexible rules created under the treaties. The WTO aims at promotion of business involving importation and exportation of goods and services amongst members. According to (Barry 2008), â€Å"80% of the WTO members are from the developing countries†. They have been joining the organization at an increasing rate since 1995 and at present, the number has risen to 140. They derive a variety of benefits from being members of the organization, which on the other hand has enhanced liberalization of the domestic market, thereby facilitating economic development. The developing nations are currently classified as complete and active members of the bilateral trading arrangement. They are usually free to make claims due to their obligation for making concessions. Their demands are usually given the first priority due to the fact that they comprise the majority of the WTO members. This essay is a critical evaluation of the extent to which the WTO has benefited the economic growth of developing countries by enabling them to engage free trade. Some aspects of free trade have been discussed. The trade that is conducted between nations with minimum restrictions has played a significant role in boosting economic growth within developing countries. It has led to the establishment of free trade areas, which helps them in minimizing the cost of trade through market expansion. Tariffs and restrictions in terms of quotas are usually minimal in the free trade area. More over, countries within the free trade area are allowed to trade with other countries outside the system due to non-existence of a common policy in regard to trading outside it. The WTO has been successful in promoting free trade, significantly