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BAR11S.10IE - Dr Christine M Shaw[BAR11S.10IE International...

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Dr. Christine M. Shaw [BAR11S.10IE] International Economics Outline for Week 6 I. Week 5 “highlights” II. WTO (came into force 1 January 1995) A. More countries involved – especially developing B. Wider scope → now includes several issues that were never included before, such as services, intellectual property rights (IPRs) and investment C. Revamped trade dispute mechanism to make it more efficient D. Issues 1. Trade in goods based on prior GATT agreements a) Continued tariff cuts b) “Tariffication” + Increasingly replacing quotas and other non-tariff measures with tariffs (which are more transparent) 2. Services (GATS = General Agreement on Trade in Services) a) Covers all internationally trade services – such banking, insurance, IT and tourism b) The agreements covers different ways – or “modes” of supplying services – such as consumers or firms making use of a service in another country (e.g. tourism) or a foreign company setting up subsidiaries or branches to provide services in another country (e.g. foreign banks setting up operations in a country) 3. Intellectual Property Rights (IPRs) (TRIPS= Trade-Related Aspects of Intellectual Property Rights) a) Drugs → 2 sides to the debate b) “Geographic indications” – for example, champagne or scotch 4. Investment: Issue here is to balance the interests of countries where foreign investment originates and the rights of countries - where foreign investment takes place – to regulate such investment 5. Dispute settlement a) No longer possible for a country that has lost a case to block the adoption of the ruling – which was possible under the previous GATT system since rulings had to be adopted by consensus so that a single objection could block the resolution of a dispute b) Now rulings are automatically adopted unless there is a consensus to reject a ruling 6. Trade policy reviews 1
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III. Doha Round (2002-) A. Launched in Doha, Qatar in November 2001 B. Taking concerns of developing countries into account as never before C. The biggest issue now → agricultural subsidies IV.
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