“The WTO is BROKEN when the world’s RICHEST countries claim to be developing countries to avoid WTO rules and get special treatment. The preferential provisions of developing countries in the WTO agreements and decisions were 155 as of last year. So, as many as two-thirds of the 164 members of the WTO have classified themselves as developing countries. Free Trade benefits developed countries more than developing countries. February 7, 2011, Harri Daniel, Comments Off on Benefits Of WTO. Today I directed the U.S. Trade Representative to take action so that countries stop CHEATING the system at the expense of the USA!,” Trump said in a tweet. For sometime now, developed countries, mainly the US, have been asking the WTO to end the benefits being given to developing countries. Individual countries are allowed to unilaterally classify themselves as developing economies. It helps the makers of goods and services, importers, and exporters conduct business in a civilized manner. Developing countries initiate disputes against developed country Members as well as against other developing country Members. In one year, 2001, developing country Members accounted for 75% of all complaints. However, its role has been controversial – creating polarised views. Benefits Of WTO. The United States has recently been especially outspoken in its criticism of developing country status for WTO members, which entitles the declared developing country to certain exemptions, longer timetables for implementation of commitments, and other … These are some of the criticisms of the WTO. The World Trade Organisation (WTO) is committed to improving free trade amongst its member countries. Founded in 1995, The World Trade Organization (WTO) streamlines trading between nations. World trade organization is an international body that enforces regulations governing trade. In a nutshell, developing countries can cut tariffs and subsidies less than developed countries, and take a longer time to tackle tariffs. This directly benefits developing countries as it results in an increase in real GDP. Benefit from the Developing Country Status Some of the key international trade agreements underlying the World Trade Organization, in particular, offer special benefits to developing countries: Developing country status in the WTO … NO more!!! Basically, they monitor global trade and settle disputes that may result to maintain peace, thereby creating conducive environment for investment. At the WTO General Council’s meeting this week in Geneva, the debate over developing country rights at the WTO came to a head. In this interview, the foreign policy expert analyses the emergence of Dr. Ngozi Okonjo-Iweala as Director-General of World Trade Organisation, WTO… Least-developed country Members have so far been neither complainant nor respondent in any WTO dispute. Benefits of WTO. The WTO however does not formally classify any of its members as a developing country. The World Trade Organisation's purpose is to promote the free trade of goods and services amongst its 164 member states by discouraging protectionist measures and settling trade disputes.