History of GATT and WTO, Its Difference and Advantages to US

The World Trade Organization (WTO) is the only international body dealing with the rules of trade between nations and there are lots of advantages for the US to belong to the WTO. United States have access to foreign markets by joining the WTO. This allow United states the status of normal trade relations with all 135 members. This agreement improves United States access to other foreign markets which results the benefits greatly exceed costs by joining WTO. With the help of WTO, it reduces the ability of other nations to impose restrictions to limit access to their markets, which means it helps trade flow freely without any restrictions. With the help of WTO, United States would increase its ability to decrease the trade barriers imposed by other countries by the means of tariffs and quotas, which will help the U.S. exporting firms and workers. WTO also control on the decision making of big firms and corporations which eventually helps the economy and citizens of United States by restricting them exploiting the sources and workers. …