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International Trade In todays world there are many issues in need of reformation one of which is international trade otherwise known as globalization Although there are a great deal of rules regulations and policies imposed on international trade the manner in which those rules have been enforced is a major controversy that seems to be escalating day by day At the center of the controversy is the World Trade Organization WTO The WTO was established in 1995 in order to transform the General Agreement on Tariffs and Trade GATT into an enforceable global commercial code Critics of the WTO say that instead of being run democratically and in the interest of member countries it has become the enforcer of corporate managed trade A system whose ethics are not in favor of the public interest instead the focus has shifted to large corporations and making money Profit is the motivating factor behind decisions made by the WTO By looking at international trade from the rational perspective the WTO has not only failed to protect consumers workers and the environment it has also acquired a number of opponents and protestors Recent issues concerning the WTO include President Clintons signing of a bill which grants permanent normal trade relations to China and virtually guarantees them membership into the WTO Not concerned with Chinas communist regime that abuses its workers supporters of the bill call it a major victory for US companies like Microsoft Corp and Boeing Co which hoped the deal would result in billions of dollars in new sales in the Chinese marketplace abcnewsgocomwireworldreuters Once again they are demonstrating that the pursuit of wealth is its number one goal and ignoring massive protests launched by American labor unions who argue that the pact could cost hundreds of thousands of American jobs due to an increase in Chinese imports and companies who may decide to relocate factories to China where cheap labor can be utilized Another prominent issue
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