Question

Why is it necessary to become a member of WTO?

Answer 1

It is important for any country to become a member of WTO (World Trade Organisation) for the following reasons:

i) WTO provides equal opportunities to all its member countries to trade in the international market.

ii) It provides its member countries with larger scope to produce at large scale to cater to the needs of people across the international boundaries. This provides ample scope to utilise world resources optimally and provides greater market accessibility.

iii) It advocates for the removal of tariff and non-tariff barriers, thereby, promoting healthier and fairer competition among different producers of different countries.

iv) The countries of similar economic conditions being members of WTO can raise their voice to safeguards their common interests.