In December 1996, Singapore hosted the first biennial Ministerial Meeting of the WTO. The participants reasserted their faith in commitment for the multilateral trading system and free trade as envisaged by the WTO.

Several new issues such as multilateral investment agreement, government procurement, competition policy and labour standards have been discussed. Negotiations regarding liberalisation of financial sector, maritime services and telecommunications were observed to be slow in progress.

Twenty-eight member countries, however, signed an agreement on Information Technology (IT) for completely scrapping the tariffs on related items, such as, computers, software, semiconductors, photocopiers, capacitors and fibre-optics cables.

Critics, however, observed that the negotiations were mostly in favour of the rich and not the poor countries. Domination of the developed countries was clearly revealed in this meeting.

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A notable feature of the WTO is active functioning of the Dispute Settlement Body with several cases of disputes to be solved in hand. It acted boldly and gave a ruling against a United States gasoline tax and the country had to agree for the suggested legal amendment.

Further in November 1996, it gave its ruling in favour of Costa Rica against the United States regarding the sale of cotton shirts.

Similarly, in December 1996, it gave a ruling against the United States regarding the sale of Indian woollen garments.

The just approach of the DSB has, thus, strengthened the confidence of the developing countries in the WTO.

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Most of the criticisms levelled against the GATT and Uruguay Round negotiations still hold true about the WTO. Economic implications of the WTO Agreement on various fields will be wide and varied. Though, it may succeed in freeing trade and globalisation to an extent, it will fail to create a balanced growth of world economy.

It may also pave a greater way for the growth of economic imperialism of a few developed industrialised nations world over. A new economic order which may be envisaged through the operation of the WTO will certainly breed new problems and new issues with more complications and undesirable consequences in the New Century to follow.

A vicious circle of unending negotiations, disputes and disagreements is not unlikely when side by side with WTO globalisation, regionalism and trade blocs and emerging and strengthening in the process of expanding unbalanced world economy.

Possible emergence of economic imperialism with the growing dominance of foreign MNCs as well as emerging ‘Rober Capitalism’ under speculative pursuit in stock market and forex market developing countries are exposed to a new danger under the impact of globalisation and liberalisation forced by the WTO.

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If it goes beyond limit, globalised market economies may derail with dire consequences at all levels economic, social and political. The WTO needs a rethinking on the issue to build-up a just and ‘Robust Global Capitalism’ rather than paving the way for ‘Rober Capitalism’ in the new world economic order.