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glopol wto g8 and the WTO.docx - Raees Arif A level...

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Raees ArifA level Politics-Global PoliticsGlobal Governance economicThe World Trade Organisation (WTO)Context:Grew out of the General Agreement on Trade and Tariffs (GATT) from Bretton Woods.Formalised into the WTO in 1995.The WTO provides rules and context in which states operate in the international economic arena.States are still free to enter into bi or multilateral trade agreements. The key aspect of the WTO isthat it provides rules and enforcement: the means of resolving disputes between trading partners.Outline the main principles of the WTO in the box below:1)Non-discriminationstates should treat their trading partners equally and fairly, and should notdiscriminate between their own and foreign products.2)More openthere is commitment to free trade in the sense of lowering trade barriers,such as import bans or quotas where the amount of imports is restricted.3)Predictable andtransparentstates should not raise trade barriers without warning or arbitrarily. Apredictable system of international trade helps with stability and jobcreation, and allows for steady competition and lower prices.4)Morecompetitivestates should not interfere in order to give themselves an unfair competitiveedge, for example by subsidising exports that would otherwise beuncompetitive or unsustainable.5)More benefitsforless-developedcountriesallows scope for less developed countries to catch up and transition tobecoming full participants in international trade.6)Protectionoftheenvironmentenvironmental protection must be respected both nationally andinternationally.Explain three key arguments that supporters would use to justify membership of the WTO:1.WTO offers largest platform for countries to voice their economic concerns and gain accessto the global market –ultimately powerful because of globalisation2.To allow MNCs more freedom and less constraints e.g. Multilateral Agreement onInvestment
3.Increased membership and subsequent willingness to adhere to WTO rulings has increasedWTO influenceOTHER SUCCESSES:It is the only international organisation overseeing trade- without this the world would be muchworse.The WTO’s rule based system is a means of protecting smaller nations from larger trading powers(although many developed nations have complained of being pressured into adopting rules)

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Term
Spring
Professor
TIM BALE
Tags
International Trade, World Trade Organization, World Trade Organisation, G7

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