Regional Economic Integration

Regional Economic Integration - Regional Economic...

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1 Regional Economic Integration
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2 Multilateral Reductions in Tariffs 1947 – GATT Voluntary Non-discrimination MFN treatment Periodic “rounds” of negotiations Key role of US law
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3 Results 1947 - US tariff on manufactures about 50% 1997 - US tariff on manufactures about 3% 1995 WTO formed Should deal with agriculture and services Conflicts between US + EU Millennium/Doha Round collapses over developed-developing country conflicts WTO may be irrelevant
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4 Tariff Reductions Under the GATT Negotiation Date # of Avg.Tariff Avg. Tariff Round Nations Cut Level __________________________________(%)________(%)_ ____ Geneva 1947 23 33.2 40 Annecy 1949 13 21.1 Torquay 1951 38 1.9 Geneva II 1956 26 3.0 Dillon 1960-61 26 3.5 Kennedy 1964-67 62 36.0 Tokyo 1973-79 102 29.6 Uruguay 1986-93 105 33.0 < 3 .
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5 Regional Economic Integration In contrast to multilateral liberalization, regional economic integration (REI) continues to expand.
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6 What is it ? Free trade area
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This note was uploaded on 05/05/2010 for the course ECONOMICS ecn 306 taught by Professor Brada during the Spring '10 term at ASU.

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Regional Economic Integration - Regional Economic...

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