The above post shares a strong insight on the World Trade Organization’s Agreement that is focused to raise the standard of living of individuals in third world countries. This has been related to facilitation of trade and business community in these countries, so that they can overcome their limitations and scarce resources to actively take part in world trade. But is the WTO agreement focused on increasing the quality of living? This is because the standard of living is a relative term that is inclined towards monetary benefits, which can be received in the form of relaxed terms and conditions, subsidies or regional favors on the basis of need. On the other hand, quality of living refers to a different phenomenon, which cannot be ingrained by these small factors but by maximization of prof itability on competitive levels that result in struggle, hard work and quality of products. But the perception of WTO is correct to some extent as standard of living might lead indirectly to quality of living.
Developing countries does not require extra leniency according to special and differential treatment (SDT) but requires extra resources to compete with the international quality and pricing. The developing economies lack energy resources and technological developments and advancements that need to be provided to them, which will resolve this issue from its roots. Extra leniency will only delay the inevitable future of the developing economies, where they cannot even think of competing with first world countries in terms of quality and pricing of products. This is because first world countries are welfare states and they have less expenses as opposed to third world countries. Therefore, WTO should consider taking into account these factors, which are responsible for making them developing economies.
Preamble, Agreement Establishing the World Trade Organization
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