AN ASSESSMENT OF THE IMPACT OF WTO RULES ON THE DEVELOPING COUNTRIES TRADE

AN ASSESSMENT OF THE IMPACT OF WTO RULES ON THE DEVELOPING COUNTRIES TRADE (ECONOMICS PROJECT TOPICS AND MATERIALS)

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF STUDY

Nigeria is one of the greatest countries in the whole of West Africa. It is known for her high level participation in the world trade relations. The country got registered with the world trade organization (WTO) in December 1994 and became a founding member in January, 1995. The purpose for such action was to accelerate growth and development of the economy of Nigeria.

Every organisation has a certain kind of rule governing them. WTO rules govern International trade relations between and among nations including Nigeria. WTO provide a certain kind of rule in form of document to promote the growth of commerce among nations.

The world trade organisation (WTO) rules does not only bind nations together but it also bind the federal government of Nigeria together with the government of other nations in business. In as much as the WTO rules provides room for the growth and development of commerce among countries, there must be some kind of trade issues facing different countries especially in the face of the growing globalization. Consequently, Adeleye (2002) observed that during the negotiation process there are some issues from the manufacturing sectors of Nigeria calling for futher negotiation with the world trade organisation.

The general view of many sectors and people on the rule of the world trade organisation is that their rules are favourable to only the rich countries; reason being that; most of the rich country are exporters of goods and raw materials for industries. It is believed that the rule of world trade organisation is to balance trade and standard of living of all nations registered under it but some of the developing countries suffer because the rule does not help to better their standard of living. There have being a critics on the world trade organisation concerning labour and enviroment. Their complaint was that the world trade organisation completely ignored the labour and environment. They call for a link between trade, labour and enviroment as they see such as a way to better the standard of living of most of the developing countries. The former director of Global Environment and Trade Study (GETS) said that lack of proper regulation of trade, labour and environment can actually cause more loss than gain and the gain from trade will be less than the environmental cost.

AN ASSESSMENT OF THE IMPACT OF WTO RULES ON THE DEVELOPING COUNTRIES TRADE (ECONOMICS PROJECT TOPICS AND MATERIALS)