Developing Countries Should Be Exempted From WTO Rules

Developing Countries Should Be Exempted From WTO Rules

Hence, there is a strong case to be made for WTO rules exemption from a post-colonial reparation perspective. Alongside several emerging economies, many other countries that presently fall under the Heavily Indebted Poor Countries (HIPC) category are former colonies for European imperialism (Cappelen, 2007). Moreover, the prevailing political chaos in most of these countries is partly due to the abrupt transition of power from the imperialists to the local elite – a transition that did not make provisions for the establishment of democratic institutions and processes. Already, the implementation of the HIPC Initiative, which was conceived and proposed by the World Bank and its agencies, is one of the methods through which some developing nations are exempted from paying their debt. But countries such as India, China, Russia, Brazil, among others, which do not qualify for the HIPC program, are presently made to compete with advanced economies of North America and Europe, which is a little unfair, given that they too have a claim for post-colonial reparations (Mcclough, 2006).The process of economic globalization and attendant free trade practices promoted by WTO has become ubiquitous in the new neo-liberal world order of the last few decades. However, all too often, the flaws inherent in this system have caused distress to sections of the population in the developing world. Moreover, free trade“means that countries that do not enjoy a comparative advantage have to move resources to more productive sectors or activities, which is usually a painful process. The benefits of liberalized trade are equally distributed among all consumers, but categories of producers suffering from cheap imports may oblige the state to intervene. So many governments are tempted during recessions to slow the adoption of open trading policies in order to secure national independence.

Hire Someone To Do Assignment