what are some good and bad things about wto?

Answer 1

ADVANTAGES OF WTO:

1. Nondiscrimination. It has two major components: the most favoured nation (MFN) rule, and the national treatment policy. Both are embedded in the main WTO rules on goods, services, and intellectual property, but their precise scope and nature differ across these areas. The MFN rule requires that a product made in one member country be treated no less favorably that a very similar good that originated in any other country. "Grant someone a special favour and you have to do the same for all other WTO members." According to national treatment, imported and locally-produced goods should be treated equally (at least after the foreign goods have entered the market). National treatment ensures that liberalization commitments are not offset through the imposition of domestic taxes and similar measures.

2. Reciprocity. It reflects both a desire to limit the scope of free-riding that may arise because of the MFN rule, and a desire to obtain better access to foreign markets. A related point is that for a nation to negotiate, it is necessary that the gain from doing so be greater than the gain available from unilateral liberalization; reciprocal concessions intend to ensure that such gains will materialize.

3. Binding and enforceable commitments. The tariff commitments made by WTO members in a multilateral trade negotiation and on accession are enumerated in a schedules (list) of concessions. These schedules establish "ceiling bindings": a country can change its bindings, but only after negotiating with its trading partners, which could mean compensating them for loss of trade. If satisfaction is not obtained, the complaining country may invoke the WTO dispute settlement procedures.

4. Transparency. The WTO members are required to publish their trade regulations, to maintain institutions allowing for the review of administrative decisions affecting trade, to respond to requests for information by other members, and to notify changes in trade policies to the WTO. These internal transparency requirements are supplemented and facilitated by periodic country-specific reports (trade policy reviews) through the Trade Policy Review Mechanism (TPRM).[37] The WTO system tries also to improve predictability and stability, discouraging the use of quotas and other measures used to set limits on quantities of imports.

5. Safety valves. In specific circumstances, governments are able to restrict trade. There are three types of provisions in this direction: articles allowing for the use of trade measures to attain noneconomical objectives; articles aimed at ensuring "fair competition"; and provisions permitting intervention in trade for economic reasons.

Answer 2

I can't think of anything good about the WTO. Its a group of wealthy nations that engage in predatory trade practices with weaker, poorer nations.

Answer 3

Ineffective, undemocratic, corrupt.

bad things: every time they meet some buffoons riot.