Is their Future for the Multilateral Trade System ==> WTO?

Question

WTO = World Trade Organization, and in another story its refere to "WTO=World Talking Outofmind" ... with all respect ... I am just kidding ;-)

Answer 1

World Trade Organization will only benefit the rich nations because they have the influence to impose what they want.

Answer 2

Whether or not there is a future depends on the individual countries involved.  In the past, globalization has tended to benefit the poorer countries over the existing industrialized powers.  However, there is substantial political pressure in the industrialized countries in support for some policies which would greatly disadvantage the poorer countries.  For the system to continue to progress, there needs to be a consensus on the following issues:  1) what labor and environmental standards, if any, should apply to all countries; 2) what governmental supports, if any, should be allowed for different industries; 3) what protection of property rights (both intellectual and investments), openness to foreign investment, and currency mobility should be required for participation in the WTO.