It states that in order for this meeting to produce a successful outcome, America would have to play a leading role in making those difficult concessions. Towards the end of the article, a sense of optimism is displayed when it mentions about some of the minor breakthroughs that recently occurred, such as the narrow decrease in America's trade deficit in March 2005 and the May 4, 2005 agreement between America, the EU, India, Brazil, and Australia over the new calculations of tariffs. It is hoped that such small endeavors will lead to major breakthroughs in trade at the Hong Kong meeting.
The major concept that is emphasized throughout this article is the way the WTO functions as an international government organization. Its characteristics are akin to those of IGO's. For example, WTO members are only states and the purpose of this organization is to develop rules of trade between nations. This...
These rules have to be developed through consensus and must be implemented uniformly by the majority of states. The WTO was established as a permanent institution that has to continually create and oversee the implementation of trade rules throughout the world. It holds its major meetings, which are the ministerial conferences, every couple of years throughout the world. As the election for director-general revealed, it maintains rules and procedures on how to conduct its internal bureaucratic affairs smoothly. Much of these characteristics show that the WTO is a permanent and powerful element in world affairs.
Lamy to the slaughter?" The Economist. May 13, 2005. Economist.com 16 May 2005:
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