IMPORTANCE OF OPTIMIZING THE REGULATION OF INTERNATIONAL TRADE AT THE GLOBAL LEVEL

Abstract

This article aims to discuss potential challenges and advantages developing countries might face by seeking to use World Trade Organization (WTO) negotiations in order to promote their economic growth. The authors analyzed one of the implications of the WTO regulatory system in the framework of global trade liberalization, particularly the Doha Round. The analysis outcomes show the importance and effectiveness of WTO policies towards developing countries and help to formulate the position of such countries in WTO policies and reforms. However, we have to admit that this requires the recognition of benefits by all participants, developed and developing countries, unless it could lead to significant economic cost for all. In order to get a greater beneficial impact or/and minimize potential loss, the authors suggest following multilateral rule-making regulations and carefully conducting a preliminary economic analysis of the country before setting an agreement or dialogue, which will point to differentiation between members and could enhance negotiations or/and avoid risk of failure. The study's theoretical and methodological basis are statistics, analysis, marketing, and management working papers of foreign researchers, regulatory documents, periodical press materials, official legal documentation, and publications relating to the specialized subject area of participation in WTO. The findings of this research might add to the knowledge and understanding of the participation of countries in WTO dispute settlement proceedings and the ability of the WTO system to deal with them.