Throughout history, there have been multiple organizations created in order to help countries collaborate with one other and avoid future disputes. Trade is an essential needed in order to keep the global economy running effectively. In this case, international trade is mainly directed by the World Trade Organization (WTO). The Doha Development Round covers many areas of trade known as Doha Development Agenda which are objectives focused on improving the trading aspects of less developed states. The Doha Development Round was effectively put in play at the WTO’s conference held in Doha, Qatar in the year 2001 (WTO).
Doha round was primarily created to boost the developing countries’ economy. It focused on reducing the subsidies for their agriculture industries, allowing them to export goods. With this, these countries would be able to open up their markets creating them into services. The Doha round negotiated multiple main points and one of these were trade, debt, and finance. trade facilitation improved and organize regulations, fees, and documentation. This would avoid disputes caused by incomplete information by presenting states with valid and accurate information. It would also stop corruption and bureaucracy from occurring in procedures. The trade facilitation was an important aspect of the Trans-Pacific Partnership which established an agreement of free trade amongst the United States and bordering countries of the Pacific Ocean (The Balance). Current president Trump signed an order to withdraw from this agreement in the year 2017. To add on, the Trade and Environment organized the trade rules and agreements in order to protect less developed countries’ natural recourses (The Balance).
Trade, debt, and finance became a developing issue amongst developed vs. developing countries. The Doha Round demanded members to view their relationships between trade, debt, and finance. In order to make this more effectively the members established a Working Group for each of the Trade, Debt and Finance aspect (IISD). The developing countries requested and pushed on members to examine the relationship between those things in order to decrease their debts caused by the multilateral trading system. Many developing countries have argued that the multilateral trading system should accommodate and be more lenient due to their countries’ circumstance. For instance, according to the article “Doha Round Briefing Series”, the countries China, India, and Pakistan believe that developing countries do not benefit from domestic reforms created by the WTO and that these reforms are supported by developed international systems (IISD).
On the other hand, developed countries argue that the pro-liberalization approach is the most effective way to solve financial issues in times of crisis believing that trade liberalization allows the opportunity of economic growth. The United States supports the liberalization trade because it offers better transparency due to more markets opening. The opening of these markets helped by the domestic reforms allow the insurance that the contributes are directly supporting economic growth, development, easier debt servicing and the adjustment of the balance of payments. Overall, the creation of the Doha round established years of negotiation amongst undeveloped states and developed states allowing economic growth on both sides of the spectrum. It also provided a useful tool highlighting the true issues amongst the developing world and the developed world revolving around the concerns of trade, debt, and finances.
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