Abstract:

This study addresses the contributions of the GATT/WTO to the economic recovery and trade liberalization of the world economy from the international political economy perspective. Within this context, this study consists of three sections. The first section evaluates the GATT negotiations, objectives, and fundamental principles of the agreement. The second section then moves to assessment of the achievements of GATT until it left its place to the WTO, as well as criticizes the ambiguous and weak GATT dispute procedures. GATT's western-oriented policies have been the most criticized issue at this point. In the third section, the role and importance of WTO, the successor of GATT, in international trade and politics with its 164 members and 20 observer states is analyzed. However, it is obvious that the reactive responses against WTO, and the recent increase in regional agreements will have an effect on the future of the organization. The recent rise of the China and the different perceptions of the developing and developed countries on the world economic order have raised questions about the future of the organization. Accordingly, it is ambigous that whether mega regional trade agreements will be an alternative or a threat to the raison d’etre of the WTO. In this regard, due to the changing nature of the world economic parameters and expectations, it is necessary for WTO to find a new approach which meets the expectations of the member states.

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