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Challenges and Benefits of WTO in Nepal
World Trade Organization (WTO) is a worldwide legally accepted organization for maintaining trade relation among different countries. The organization officially commenced on 1, January 1995. Nepal got the membership or Baisakh 11,2061 B.S. from WTO. Nepal is 147th member of WTO. WTO helps! in setting trade disputes among countries and creates a healthy environment for trading globally.
The organization deals with regulation of trade between participating countries! by providing a framework for negotiating and formalizing trade agreements and dispute between the participatory countries. The head office of WTO is} situated at Geneva, Switzerland.
WTO helps and promotes world trade. It works for the implementation and operation of the various agreements made among two different countries. It monitors the trade policies, rules of the member country and helps in the improvement. It conducts various programs for the livelihood upliftment and ensuring employment opportunities for the people of the member countries.
WTO facilitates in increasing the production and productivity and increasing the income level of the ordinary people. Recently, WTO is active in ensuring food security in most of the countries of the Africa. It determines the Terms of Trade, International Policies, and Rules for Global Trade.
Benefits of WTO in Nepal
- Market access opportunities
- Policy stability
- Attract foreign direct investment
- Gearing up domestic institutional capability
- Benefits of positive discrimination
- Establishment of trade and transit rights
Opportunities for WTO membership:
- Government will become more rational in decision-making
- Rent seeking activities will decrease
- Problem of transit will be less
- Provisions of technical support
- Access to markets, duty-free-quota-free access among member countries
WTO challenges for developing countries
- Improving national policies
- Amending some laws and developing new laws
- Changing trade administration attitude
- Human resource development and infrastructure development
- Quality control of goods and services