Summary
Summary IPC2601 - International Organisations - International Organisations
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- University Of South Africa (Unisa)
Summary IPC2601 - International Organisations - International Organisations
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Explain the role in the global economy of International organizationsGlobalization is the actual movement or potential to move across borders of
nations in areas of trade, investment, technology, finance and labor. It has
resulted in increasing financial flows and trade between countries, as each
country tries to establish itself into the global economy, and gaining the
benefits associated with globalization. This has resulted in the formation of
numerous International organizations that aim at promoting policy
coordination amongst countries and attempt to provide rules and investment
transactions and a forum for discussion of trade related issues. Such
international organizations are, the World Trade Organization (WTO),
International Monetary Fund (IMF), The World Bank, Organization for
economic cooperation and development (OECD), Organization of Petroleum
Exporting Countries (OPEC), and the Group Seven (G7).
The WTO is the main multilateral trading agreement which provides a forum
for countries to promote free trade and resolve trade disputes. Its various roles
include enforcing the existing WTO agreement, resolving disputes, and
liberalising world trade by implementing global trade agreements. These
agreements lay ground rules, that promote cooperation between countries.
The WTO also exists in order to provide non-discrimination between member
countries, liberalisation of trade which involves the removal of all tariff and
non-tariff barriers, stability of trading relations where WTO mechanisms are
set up to discuss and solve trade disputes between countries, and
Transparancy of trade agreements, where trade preferences between
countries are scrutinised and discussed in the WTO forum thereby reducing
corruption. Without the WTO, globalisation would be a struggling process as
countries would have difficulty organising trade policies, often resulting in
many countries at a disadvantage. In essence the WTO serves as a forum to
ensure that all its member countries benefit from globalisation.
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