INTERNATIONAL ECONOMIC LAW Assignment Essay Example | Topics and Well Written Essays - 3500 words

INTERNATIONAL ECONOMIC LAW Assignment - Essay Example ote rule and with the globalization thrust of the WTO, economic growth and development should have propelled economic equilibrium but nonetheless some countries still remain in the quagmire of poverty and unable to cope with the demands of the multilateral trading agreements. This paper will likewise demonstrate that the equality clause remains a lip-service during the process of negotiations and deliberations until it is submitted to the floor for approval as comments and oppositions registered by developing and least developed economies over the inclusion of certain provisions or requests for amendments and modifications to the multilateral agreements and/or decisions are overturned by the sheer number, extreme pressure or overwhelming influence of developed economies that suggested revisions or changes to safeguard the interest of the less developed countries were not given due course at all even though anchored on meritorious grounds. The revolutionary measures introduced by the WTO under the Most-Favored-Nation and National Principles were considered as breakthroughs in world trading to level the field but on the contrary, it became an avenue to oppress the poor and it is the task of this paper to critically analyze the issues for its failure to alleviate poverty and spawn economic growth and development as WTO set out to achieve from the beginning, to include a perspective in the settlement of disputes. Before the advent of WTO, the trade relations between countries could be traced back to the first century of the Common Era where a Greek Manuscript Traveler named Periplus Maris Erythraei recorded transactions between the Romans and the Indians. In West Asia, Asian nomads used camels to travel towards their trading destinations to trade silk and spices. Some countries used ships and boats to sail the seas to trade with other countries. During the middle ages, the first printed paper money was made by Song Dynasty and England was able to gain market