Nicaragua wants to export banana to USA that are genetically modified (GM). However, USA want Nicaragua to produce non-GM bananas as GM products do not align with the idea of organic and sustainable cultural mindset of the US citizens. However, that is not very profitable for Nicaragua as these Non-GM bananas are less resistant to pests and are more costly to produce. Thus, the USA does not want to trade bananas with Nicaragua. When this issue is brought in front of the WTO, the WTO decided that US domestic policy is not aligning with global efficiency. Please discuss your thoughts regarding the issue. When discussing, please mention the following.
Do you support the WTO’s decision or not? Why do you support it or not?
Do you think efficiency from free trade is more important OR less important than culture, sentiment, prosperity, and beliefs across countries?
Full Answer Section
The US's decision to ban GM bananas is also based on cultural and sentiment factors. However, these factors should not be allowed to interfere with free trade. Consumers should be able to choose the products that they want, regardless of whether they are GM or non-GM.
Do you think efficiency from free trade is more important OR less important than culture, sentiment, prosperity, and beliefs across countries?
I believe that efficiency from free trade is more important than culture, sentiment, prosperity, and beliefs across countries. Free trade allows countries to specialize in the production of goods and services that they are best at producing, which leads to lower prices and higher quality for consumers. It also creates jobs and economic growth.
Culture, sentiment, prosperity, and beliefs are important, but they should not be allowed to interfere with free trade. Consumers should be able to choose the products that they want, regardless of whether they are GM or non-GM.
In addition, free trade can help to promote prosperity and improve the lives of people in all countries. By allowing countries to specialize in the production of goods and services that they are best at producing, free trade can lead to higher incomes and better living standards for everyone.
Of course, there are some potential downsides to free trade. For example, it can lead to job losses in some industries. However, the benefits of free trade typically outweigh the costs.
Overall, I believe that efficiency from free trade is more important than culture, sentiment, prosperity, and beliefs across countries. Free trade is good for consumers, good for businesses, and
good for the economy.