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Trade

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Trade

Introduction

International Organizations engage in different business transactions across varying industries. Umbrella bodies such as the World Trade Organization are responsible for overseeing a healthy marketplace environment for the benefit of all stakeholders. Conflicts arising from sociopolitical and economic turmoil in numerous regions across the globe are handled by IOs using procedures outlined in their charters. International Organizations use tough trade agreement principles as a basis for establishing order to trade.

Required Readings

Multilateral organizations are faced with numerous challenges ranging from political unrest to social initiatives aimed at changing environmental policies. Member countries pursue divergent special interests in various fields and economic activities which are bound to facilitate conflicts of interest. Developed countries and developing ones differ in their level of business. It is however within the WTO’s purview to establish conformity amongst member states by enforcing a “new world order”. For instance, judicial mechanisms through the Appellate Body exist in which lawsuits are filed and parties summoned. The guilty are fined or given directives that reverse their earlier actions and all sides are bound by such decisions. Any diversion is strongly condemned (Irwin 1).

Extrajudicial mechanisms are often used in order to streamline trading activities in the global arena. International Organizations have ad hoc committees comprising reputable figures with strong diplomatic credentials who facilitate negotiation and mediation efforts whenever trade partners differ. This approach is popular because it enables the countries retain their sovereign identities while making compromises for mutual benefit. States are mandated to use these routes when conducting operations, which forces them to follow the principles of the trade agreements. In extreme circumstances, the threat of sanctions is a useful but severe tool at the disposal of IOs. For example, multilateral organizations have been empowered to direct their members to boycott products and services emanating from specific nations. Barring non-compliant states from trading with others is envisioned as deterrence for any economic malpractice that seeks to gain an unfair advantage over other partners.

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International organizations create special economic groups that have jurisdiction over trading in specific goods and services. They authoritatively compel member countries to use these internal bodies for all transactions pertaining the said products. Any state that would like to transact with another must use this route and abide by the rules agreed upon by all players. This proclamation is vital in guiding international trade because it facilitates a uniform trading platform. IOs use these stages for policy formulation and enforcement.

Conclusion

These issues are integral in understanding the operational nature of International Organizations and having the right perception about the orderly progression of trade amongst member countries. Trade agreements that form the basis of multinational bodies explicitly provide the entity with prosecutorial powers that discipline errant behavior especially in trade circles. For instance, fines and sanctions are useful tools that shepherd rogue nations. In fact, the latter is a harsh punishment that is used sparingly but its existence is important for reigning wayward states. Such internal mechanisms within global bodies are mandated to carry out these activities and their decisions are legally binding. The threat of economic sabotage that looms over member countries pressurizes them into conforming to the rules set out in the trade pacts agreed by all partners. The world still faces challenges in the trading sector because each nation has to guarantee the continuity of its welfare. Some nations feel superior to others but IOs strive the level the field (Kottasova 1).

 

 

 

 

 

Works Cited

Irwin, Neil. “What Will Trump Trade Policy Actually look like? Three Possibilities.” New York Times, 22 November 2016. https://www.nytimes.com/2016/11/22/upshot/what-will-trump-trade-policy-actually-look-like-three-possibilities.html?rref=collection%2Ftimestopic%2FWorld%20Trade%20Organization . Accessed 11 October 2017.

Kottasova, Ivana. “World Trade is making a Comeback.” CNN Money, http://money.cnn.com/2017/04/12/news/economy/world-trade-wto-recovery/index.html . Accessed 11 October 2017.

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