Formed in 1995, the World Trade Organization is the most evident symbol of economic globalization. Its main goals, to liberalize international trade and to pursue development by trade, the WTO sets out to create a truly international system of trade. However, among its 153 members, blocs have formed making reform nearly impossible and creating a level of tension that could halt further liberalization of trade needed in economic downturns..
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Topic A: Renegotiate Bretton Woods Agreements, taking into consideration new economies and the need of financial stability The primary idea behind the Bretton Woods meeting was to encourage open market system among the 44 countries who took part the Conference in the 1944. To do so International Monetary Fund and World Bank were established. The Conference took part after the Great Depression, and its resolutions were led by then major industrial states, and since we are experiencing another prominent crisis and the economic hierarchies are changing fast, there are new peripheries and new dominant economies. I think it is time to renegotiate the international monetary system, which is floating since 1973, in order to establish a new and more stable monetary architecture in the international finance.
Topic B: Beyond Doha Round: Agricultural Subsides and Developing Countries