Complete 6 pages APA formatted article: What is World Trade Organization. WTO has 150 members, Vietnam being the 150th. WTO derives its strength from the commitment of its member nations to managing the trade with a common set of values including honesty, sincerity, transparency, predictability, nondiscrimination and a rule-based dispute resolution. WTO contains a basic set of rules that all its member states have to comply with. These rules basically put some obligation on the member nations. Some of the general obligation faced by the member countries are as follows: each member nation (i) must apply the same trade policies to all WTO members (with exceptions for regional agreements), (ii) must treat foreign goods equally with domestically produced ones when applying trade-related regulations, (iii) must not use quotas or export subsidies, (iv) should impose tariffs which are more transparent. Apart from this, a member nation has to promise not to augment the level of ordinary customs duties above levels negotiated with other WTO members. (Bossche, 2005)
Joining the WTO is basically a commitment to enter the world market which is governed by a set of transparent and strict rules and regulations, to access to the large and open market of 150 countries. Once a country joins the WTO, it is granted with both benefits and responsibilities, advantages and disadvantages, and great opportunities and big challenges at the same time. When a nation joins the WTO, it gets access to a huge international market. Joining the WTO also sends a strong signal to the nation’s trade and investment partners about that country’s future direction in respect of trade. Not only in respect of trade, joining the WTO could be considered as a spanking new start of comprehensive reform in the economy, law, administration, education, training, and culture. Once a country joins the WTO, its economy starts to adjust to market changes that lead to labor and training changes. .