Search

Iran is the largest economy that is not currently included in the World Trade Organization (WTO). This paper addresses why Iran has not yet joined the WTO and whether it is ready to join. Iran's interaction with the General Agreement on Tariffs and Trade (GATT) in 1948 marks the beginning of the relationship between Iran and the WTO. To determine why Iran has not yet entered the WTO, the role and penetration of powerful members of the WTO and Iran's economic position are examined. To determine whether Iran is ready to join the WTO, literature is reviewed concerning the effects of joining for the five most-affected major industries in Iran. The major disadvantages of joining the WTO are described as short-term effects, and the advantages of joining are described as long-term goals. Currently, no clear scheme has been offered to handle the negative effects on the Iranian economy. As the major player, the Iranian government could achieve the long-term goals with a realistic and well-planned strategy or miss the mark through its inattention to the critical economic effects. [ABSTRACT FROM PUBLISHER]