Abstract: This paper aims to identify whether the World Trade Organization (WTO) is successful in regulating and facilitating international trade between nations. Our goal is to cover six major objectives, i.e., the background of the World Trade Organization (WTO), free and fair trade provisions of the organization, major policies to protect the domestic industries and environment, agreements on trade-related Investment Measures (TRIMs) and Trade-Related Aspects of Intellectual Property Rights (TRIPS), dispute settlement mechanism of WTO, and major advantages and disadvantages of the organization. First of all, to promote world trade, on average, the tariff rate falls by 15% between 1996 and 2013. Major non-tariff barriers like import licensing, quantitative restrictions, tariff-rate quota, rules for valuation of goods, and rules of origin have also been eliminated. In addition, anti-dumping actions, subsidies, safeguards, and standard and safety provisions are introduced to protect the native firms and environment. Moreover, TRIMs and TRIPS agreements focus on ensuring equal benefit for local and foreign investors and protection of intellectual property rights, respectively. The WTO has the dispute settlement mechanism but many countries are worried that very soon the WTO will be unable to rule on any international disputes at all. This paper will help the readers to understand the efficacy of WTO as an intergovernmental organization. The study might change their generalized way of perception regarding the functions and strength of the institution.
S. M. Rifat Hassan & Riyashad Ahmed (2021). World Trade Organization: Efficacious or A Toothless Tiger? International Conference on Business and Management. Dhaka. ISSN: 2790-4539.