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Achievements 1. Reduction of Trade Barriers: o Facilitated significant tariff reductions across member countries. 2. Dispute Resolution: o Resolved high-profile disputes, ensuring adherence to trade rules. 3. Support for Developing Nations: o Implemented programs to aid trade capacity building. 4. Integration of Global Trade: o Increased global trade through comprehensive trade agreements. ________________________________________ Challenges of WTO 1. Stalled Negotiations: o The Doha Development Round has faced deadlocks over issues like agricultural subsidies and market access. 2. Rise of Protectionism: o Growing trade barriers and bilateral agreements challenge multilateralism. 3. Unequal Benefits: o Critics argue that developed nations benefit more than developing countries. 4. Evolving Global Issues: o The WTO faces challenges addressing digital trade, environmental concerns, and labour standards. 5. Dispute Settlement Crisis: o The Appellate Body has been paralyzed due to the lack of appointed judges. ________________________________________ Future Prospects • The WTO is exploring reforms to: o Revitalize negotiations. o Strengthen the dispute settlement mechanism. o Address emerging trade issues like e-commerce, climate change, and data governance. With continued global cooperation, the WTO remains crucial for facilitating international trade and fostering economic growth.

Why do
economic affairs effects human life

Economic
affairs profoundly affect human life because they influence the resources,
opportunities, and conditions under which people live. Here’s how:

1. Income andLiving Standards

Economic
policies and conditions, such as inflation, employment rates, and wages,
directly affect household income. A healthy economy provides jobs, stable
prices, and growth opportunities, enabling people to afford essentials like
food, housing, healthcare, and education.

2. Access to Goods and Services

Economies
determine the production and distribution of goods and services. Trade
policies, supply chains, and market stability ensure access to necessities and
luxuries. Economic disruptions (e.g., recessions) often lead to shortages or
increased prices, affecting people’s quality of life.

3. Employment and Career Opportunities

Economic
growth fosters job creation and career advancement, while recessions or
stagnation result in layoffs, reduced wages, or limited opportunities. This
impacts individuals’ ability to plan for the future and meet their goals.

4. Social Inequality andWealth Distribution

Economic
structures shape the distribution of wealth. Policies like taxation, social
welfare, and subsidies affect whether resources are equitably shared or
concentrated, which can influence social stability and individual well-being.

5. Public Services and Infrastructure

Government
revenues, derived from economic activities, fund critical public services such
as education, healthcare, transportation, and safety. Economic downturns often
lead to budget cuts, reducing the quality or availability of these services.

6. Personal Decision-Making

Economic
conditions influence personal decisions, from career choices to family
planning, investment, and savings. For instance, high interest rates may
discourage borrowing, while economic uncertainty can lead to reduced spending.

7. Global Interdependence

Modern
economies are interconnected. Events like international trade conflicts,
resource shortages, or financial crises in one region can ripple globally,
affecting people’s lives through price fluctuations, unemployment, or changes
in currency value.

8. Emotional and Psychological Impact

Economic
instability, such as job loss or poverty, often leads to stress, anxiety, and
other mental health challenges. Conversely, economic security contributes to
overall happiness and life satisfaction.

In essence, economic affairs shape the framework within which societies and individuals operate, directly impacting living
standards, choices, and overall well-being.