Presentation "THE ROLE OF THE WTO IN THE DEVELOPMENT OF INTERNATIONAL TRADE AND ECONOMIC SUSTAINABILITY"

Description

In the following paper the role of the World Trade Organization (WTO) in the development of international trade and economic sustainability, are analyzed. The author explores specific challenges/factors that affect economic sustainability and fair trade as well as political economy of trade and negotiations as the tool of the WTO. It is argued, that economic stability and the process of democratization are essential to ensure international and fair trade. Under democracies those countries are implied where the rate of economic stability is high according to the principles established by international norms, i.e. where market economy, internal democracy, transparent trade system, human rights, trade neutrality, etc. are observed. Almost all countries where these norms are applied have trade partnerships with each other rather than conflicts. For international trade to occur it is essential to have a competitive market system in a country since competition is the characteristic feature of international trade that can be safeguarded through observation of democratic principles and political stability. The development of free trade by the WTO depends precisely on the implementation of these fundamental principles. In view of the abovementioned factors the present paper quite legitimately analyses interconnection between the WTO and economic sustainability.

Period	17 Sept 2021
Event title	IV International Economic Forum: FUTURE ECONOMY: globalisation challenges faced by Europe and the Baltics in the 21st century
Event type	Forum
Conference number	IV
Organiser	Latvian Academy of Sciences
Location	Riga , LatviaShow on map
Degree of Recognition	International