Trade Facilitation: World Trade Organization Services
On the 17th June, 2013, the World Trade Organization held a meeting in Brussels to facilitate trade between the European Union and the United States. The meeting was primarily meant to facilitate the trade activities between the two major trading blocs; World’s major trading partners. There has been a feeling that all the potential between the two trading blocs has not been fully harnessed, this compelled the World Trade Organization to hold a meeting to rectify the situation in order to realize sustainable economic activities between the European Union and the United States of America (Gari, 2014).
According to the agreement, the primary objective of the World Trade Organization meeting in Brussels was to increase trade and investment between the United States of America and the European Union. The key players of both trading blocs saw the need to fully tap the potential of the transatlantic trade (Gari, 2014). The transatlantic market has several markets that need proper and a more realistic approach in order to realize its full potential. However, both trading partners saw the need to facilitate the trade to create more jobs for the European and the American citizens; consequently, new markets would speed up economic growth between the European Union and the United States of America.
According to the agreement, there would be a greater accessibility to the market, greater regulation and grooming the economic activities between the blocs to meet the global standards. Although the agreement was meant to facilitate trade activities between the United States and the European Union, it also gave out a recommendation for the recognition of the most appropriate sustainable development for the parties involved in the trade. Indeed all the recommendations saw to an improved economic activities between the partners. The outcome of the agreement was a sustainable development between the trading partners; the transatlantic trade especially that involving the United States and the European Union was greatly facilitated (Gari, 2014).
There are several other factors that the agreement considered before giving out principles to control the trade. The relationship between the trading partners was something that was greatly put into consideration. Relationships played an important role, this made the partners to make a provision that agreement should not in any way risk the prejudicing unions of its members as being cultural or linguistic (Gari, 2014). The partners should at all times tolerate diversity while maintaining the existing policies. Countries in the United States of America as well as those in the European Union have diverse policies. It therefore meant that relationship was a major factor to consider in the agreement.
During the agreement, there were several people present. There were the stakeholders, agents of both European Union and the United States, dignitaries from major trade blocs across the globe. The audiences especially those from the trade areas that were not involved played a major role by making the partners more sensitive not to overlook other regions. The constituents played a major role in enhancing the agreement while at the same time pointing out issues. In a nutshell, both the audiences and constituents were members of World’s trade union in the World (Gari, 2014).
The agents played a role of avoiding both direct and indirect expropriation. They also advocate for prompt payment and adequate compensation of trading partners. However, there were individual differences between European Union representatives and United States of America representatives (Gari, 2014). Their differences led harmonization of the terms of agreements to suite both partners.
Reference
Gari P. Sampson, (2014). The WTO and Sustainable development. Routledge, United States of
America. The Energy and resources Institute (TERI) Publishers.
