WTO .Do We need it?

Why the WTO Exists?
Back in the days of World War II, leading economic thinkers suggested that some international organization is needed to solve the problems of the Great Depression.
At the international conference in Bretton Woods, the need for a basic rule for international trade was agreed upon. This agreement which is known as the General Agreement on Tariffs and Trade (GATT) was signed in 1947 in the aftermath of the Second World War. The objective of GATT was to facilitate free trades through reduction of tariffs and to achieve free trade base upon the principle of comparative advantage, which was first introduced by David Ricardo.
With globalization, the selling and buying of goods and services are made possible in all corners of the world. Distortions in trade development can happen if this is left to the market alone. Hence the WTO system was developed through the Uruguay round of negotiations (1986-1994) under the GATT, which led to the creation of the World Trade Organization in January 1, 1995.

A3) Roles of the WTO
The World trade Organization has played a major role in the field of global trade governance. The WTO’s members account for 90% of the value of the world’s trade. Since its creation, it has expanded its trade rules that reach about 151 countries.
The WTO works as an international platform for negotiation of trade and settling trade disputes matters. It is responsible for implementing new and fair trade agreements, as well as market opening commitments.
By reduction of trade barriers, the WTO’s objective is to breaks down barrier between nations, cultures and people to achieve desirable economical growth. The principle of non-discrimination (most favored nation, MFN) helps to ensure that new trade opportunities arising from tariff reductions under the GATT/WTO have been available to all members. The stated goal of the WTO’s is to improve the welfare of its member’s people.
It is also the WTO’s responsibility to review national...