Topic: Important International institutions, agencies and fora- their structure, mandate.
4) In the current day world, with all its on-going troubles, do you think WTO may still emerge as the lynchpin of global trade governance? Analyse.(250 words)
Why this question:
The article talks about the role WTO still has to play in global trade governance.
Key demand of the question:
Explain the relevance of WTO in today’s world despite the criticism faced by it owing to changing world trade conditions.
Analyze – When asked to analyse, you have to examine methodically the structure or nature of the topic by separating it into component parts and present them as a whole in a summary.
Structure of the answer:
Explain in brief the role that WTO has been playing since its genesis in managing world trade.
Discuss first its achievements from the past till present, explain how It also monitors the implementation of free trade agreements, produces research on global trade and economic policy, and serves as a forum for settling trade disputes between nations. An alternate way to look at the WTO’s success is not to focus on how much trade it has helped create and the corresponding tariff reductions, but the damage in trade value it has helped avert.
Take hints from the article and quote examples and justify in what way WTO still remains to be the lynchpin of global trade.
Conclude with way forward.