International Business: Formation and Functions of World Trade Organisation

International Business

EXECUTIVE SUMMARY
This report is based on international business that is referred as carrying business
practices on global level. And for carrying this business practices effectively world trade
organisation is formed to provide trade regulations and rules to improvise trade relations. This
report provides a brief idea of reason behind formation of world trade organisation. This report
explains about various functions world trade organisation and briefly explains about challenges
and obstacles that are faced by world trade organisation along with its effectiveness. There are
various reasons behind formation of world trade organisation that leads to enhancement of
developing, assisting and providing help to developing countries and generation of profits to
companies.

Table of Contents
EXECUTIVE SUMMARY ............................................................................................................1
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Literature review ........................................................................................................................1
1.Demonstration of an understanding of motivations behind formation of world trade
organisation (WTO)....................................................................................................................1
2. Key functions of WTO............................................................................................................2
3.Assessment suitability of WTO and challenges that are faced by companies in
accomplishing its principle motive of encouraging trade among countries................................3
4.Theory to practice in assessment of WTO effectiveness by proper examples that how
particular companies are affected by WTO policies...................................................................4
Analysis and discussion .............................................................................................................5
Recommendations ......................................................................................................................7
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9
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INTRODUCTION
International business is referred to trading of goods, technology, services and knowledge
around national borders as well as global and transnational scale. International business generally
consists of cross border transactions of goods and services among two and more countries.
International business is also be called as globalisation(Ratten, 2020) . This report is based on
having international business that is carried by World Trade Organisation (WTO), which is a
global international organisation that deals with with rules of trade among nations. It generally
facilitates and regulates international trade with different countries(de Vasconcellos, Garrido
and Parente, 2019) . This report includes evaluation of international business practices and
discussion of how they are being shaped by economic theories and functions, evaluation of key
elements of international environment that have impact on companies, analysis of patterns of
international trade and investments, critical understanding of range of market techniques,
methods of international market entry and development, method of risk minimisation for
international companies, concept of framework to workplace experience with its conclusion.
MAIN BODY
Literature review
It is defined as a survey and narrative review for scholarly source which are journal and
books and articles. It is defined as a paper of which represents present knowledge while it
consists substantive findings on a specific topic that provides deep insight for topic.
1.Demonstration of an understanding of motivations behind formation of world trade
organisation (WTO).
As per the viewpoint of Kym Anderson, 2021, World Trade Organisation is an
international trade organisation which is established in order to supervise and liberalize world
trade. This has been initiated with the trade negotiation after world war 2 and in 1948 the general
agreements on tariffs and trade (GATT) has been focused on eliminating tariffs, anti-dumping
and non- tariff measures(Dörrenbächer and Gammelgaard, 2019). Negotiation between the
organisation America leads to formal development of WTO. World Trade Organisation is
considered to be successor to general agreement on tariffs and trade that is created in 1947 in
expectation which would be replaced by specialised agency of United Nations. Reasons behind
foundation and formation of world trade organisation is to have a fix and clear framework by
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