Role of the WTO in the Development of International Trade and Economic Sustainability

Giga Abuseridze

Research output: Contribution to journalArticlepeer-review

Abstract

In the article, the role of the World Trade Organisation (WTO) in the development
of international trade and economic sustainability has been analysed. The author explores
specific challenges / factors that affect economic sustainability and fair trade as well as
political economy of trade and negotiations as the tools of the WTO. It is argued that
economic stability and the process of democratisation 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 every country where these democratic norms
are applied has trade partnerships with the others rather than conflicts. For international
trade to occur it is essential to have a competitive market system in a country since competition is a characteristic feature of international trade that can be safeguarded through
observation of democratic principles and political stability. Development of free trade
by the WTO depends precisely on implementation of these fundamental principles. In
view of the abovementioned factors, the article quite legitimately studies interconnection
between the WTO and economic sustainability
Original languageEnglish
Pages (from-to)82-89
JournalSocrates
Volume21
Issue number3
DOIs
Publication statusPublished - 2021

Keywords*

  • dispute settlement understanding
  • general agreements on tariffs and trade
  • regional trade agreements
  • Agreement on Trade-Related Aspects of Intellectual Property Rights
  • World Trade Organisation

Field of Science*

  • 5.5 Law

Publication Type*

  • 1.2. Scientific article included in INT1 or INT2 category journal of ERIH database

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