What are the advantages and disadvantages of getting membership of WTO?
Advantages and disadvantages of WTO
- Promote free trade through gradual reduction of tariffs.
- Provide legal framework for negotiation of trade disputes.
- Trade without discrimination – avoiding preferential trade agreements.
- WTO is not a completely free trade body.
- WTO is committed to protecting fair competition.
How has Cambodia been affected by globalization?
One of the benefits of globalization that Cambodia has seen is a high growth rate in GDP of ten percent per year between 1998 and 2008. Globalization also helped to improve the quality of education, health care and standard of living for Cambodian people.
What are the advantages of being a member of the WTO?
Benefits of WTO membership
- — Participation in the development of new rules and principles of international trade.
- — Export diversification.
- — Transparent, predictable and attractive investment regime.
- — Increase of sovereign credit ratings.
- — Strengthening positions in trade disputes.
What are the disadvantages of being a WTO member?
Criticisms of WTO
- Free Trade benefits developed countries more than developing countries.
- Most favoured nation principle.
- Failure to reduce tariffs on agriculture.
- Diversification.
- Environment.
- Free trade ignores cultural and social factors.
- The WTO is criticised for being undemocratic.
- Slow progress.
Why is WTO important?
The purpose of the WTO is to ensure global trade commences smoothly, freely, and predictably. The WTO creates and embodies the ground rules for global trade among member nations, offering a system for international commerce. This means WTO rules become part of a country’s domestic legal system.
What are the major industries of Cambodia?
Key industries include garment and light manufacturing, food and beverage processing, construction and real estate, tourism, as well as the emerging mining and exploration industry (see Extractive industries for detail of mining and exploration).