Unit V - Trade Policy

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Unit V - GATT & WTO : 

Unit V - GATT & WTO Day and Date:

Unit Highlights… : 

Unit Highlights… General Agreement on Tariffs and Trade (GATT) Uruguay Round World Trade Organization (WTO)

Text book reference chapters… : 

Text book reference chapters… International Economics by Dominick Salvatore – Chapter 9 International Economics by Francis Cherunilam – Chapter 28

Let us recapitulate… : 

Let us recapitulate… Economic integration leads to most efficient utilization of world resources and maximizes world output and welfare.

General Agreement on Tariffs and Trade (GATT) : 

General Agreement on Tariffs and Trade (GATT) An international organization devoted to the promotion of freer trade through multilateral trade negotiations. Created in 1947 Headquartered in Geneva

GATT…principles : 

GATT…principles Non-discrimination Elimination of non-tariff trade barriers Consultation among nations for solving trade disputes

Uruguay Round : 

Uruguay Round Multilateral trade negotiations between1986 and1993 Replaced GATT with WTO

Uruguay Round…aims : 

Uruguay Round…aims Reverse the trend of rising non-tariff barriers Bring services, agriculture, and foreign investments into the negotiations Negotiate international rules for protection of IPRs Improve dispute settlement mechanism by ensuring timely decisions and compliance

Uruguay Round…scope of the accord : 

Uruguay Round…scope of the accord Tariffs Quotas Antidumping Subsidies Safeguards IPRs Services Trade related investment measures WTO The accord was signed on April 15, ’94 and took effect on July 1,’95.

Uruguay Round…an appraisal : 

Uruguay Round…an appraisal The completion of Uruguay Round was in itself a great achievement. Though aims were realized only in part. Trade problems remained

Uruguay Round…trade problems : 

Uruguay Round…trade problems Sustained high levels of subsidies and tariffs Special problems of developing nations (liberalization of some sectors) Problems of former communist nations not addressed Tendency of the world to break up into three major trading blocs - EU,NAFTA & AFTA Neglect of labor and environment standards

World Trade Organization (WTO) : 

World Trade Organization (WTO) The organization set up at the Uruguay Round to replace GATT secretariat with authority over trade in industrial goods, agricultural commodities, and services, and with greater authority to settle trade disputes.

WTO…purview : 

WTO…purview General Agreements on Tariffs and Trade (GATT) General Agreements on Trade of Services (GATS) Trade Related aspects of Intellectual Property Rights (TRIPS) Trade Related Investment Measures (TRIMS)

To conclude… : 

To conclude… In general the Uruguay Round did achieve its goals towards increasing world trade and hampering the unrestrained proliferation of protectionism and destructive trade wars.

You should now know, : 

You should now know, What is GATT and its principles? What is Uruguay Round? What did it accomplish? What is WTO? What are the outstanding trade problems facing the world today?

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