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‘Critically assess the role of the World Trade Organisation (WTO) as a means of promoting economic growth and development’
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Essay Title: 'Critically assess the role of the World Trade Organisation (WTO) as a means of promoting economic growth and development' Introduction The World Trade Organisation (WTO) facilitates trade between its 148 member states. It has become a central institution for economic governance and is the framework for trade liberalisation.1 The WTO (based in Geneva) replaces the General Agreement on Tariffs and Trade (GATT) in this regard. GATT was established in 1947 in the aftermath of World War II, a time when the global economy was understandably unstable. The original objectives of GATT were to reduce tariffs and to facilitate global trade between states. The underlying principle was based on 'Most Favoured Nation' (MFN), a concept which assigned one country to another, and then gave that country beneficial trading rights. GATT endeavoured to grant every country an MFN...
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