IMPACT OF WTO IN GLOBALIZATION

International Management

International Conference on "Innovative Management Practices"

Two factors seem to underlie the trend toward globalization declining trade barriers and change in communication, information and transportation technologies. Since the end of the World War II, there has been significant lowering of barriers to the free flow of goods, services and capital more than anything else. This has facilitated the trend toward the globalization and enabled firms to view the world as a single market. The World Trade Organization (WTO) is a favourite target of those who attack the headlong rush toward a global economy. The WTO was founded in1994 to polish the world trading system established by the General Agreement on Tariff and Trade. The WTO arbitrates trade disputes between the 146 states that are signatories to the GATT. Panel can a ruling a member to change trade that violate GATT regulations. This paper examines the role of WTO in promoting globalization.

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