Notes 02-14-11

Notes 02-14-11 - The Global Trade Environment Continued...

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Click to edit Master subtitle style The Global Trade Environment Continued
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Easing Trade Restrictions General Agreement on Tariffs and Trade (GATT) World Trade Organization (WTO) International Monetary Fund (IMF) World Bank Regional Institutions
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General Agreement on Tariffs and Trade GATT focused on reducing prevailing high tariffs: liberalization of trade in 50,000 products, reduced trade barriers developed dispute-settlement mechanisms… Most-Favored Nation (MFN) clause “… each member country of the GATT must grant every member country the most favorable treatment it accords to any other country with respect to imports and exports” equal opportunity clause ((trade conducted on a nondiscrimatory basis).
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World Trade Organization (WTO) The WTO has a much broader scope than GATT: Whereas GATT regulated trade in merchandise goods, the WTO also covers trade in services, such as telecommunications and banking, and other issues such as intellectual property rights. The only international agency overseeing the rules of international trade. WTO members are empowered by the organization to enforce its decisions by imposing trade sanctions against countries that have breached the rules.
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WTO agreements represent trade rules and regulations and act as contracts guaranteeing countries trade rights and binding governments to free trade policies. Functions: Provides assistance to developing and transition economies. Offers help for export promotion. Promotes regional trade agreements and economic cooperation. Reviews members’ trade policies and engages in World Trade Organization (WTO)
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WTO Facts Founded: 1995 Members: 153 states Key players: The U.S., the E.U., Japan China joined in December 2001 after a 15-year battle. Russia wants admission, but must first convince the EU and US that it has reformed business practices. Vietnam joined on 01/11/2007. Ukraine joined on 05/16/2008. Decisions are based on consensus.
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WTO Overview Ministerial Conference: meets every 2 years, elects the director-general (Pascal Lamy, elected in Sept. 05). His goal: to cut subsidies, reduce tariffs and give a fairer deal to developing countries, negotiate global trade deals l “ Trade rounds“: aimed at reducing barriers to free trade. Since 2001, we are in the Doha Round. The Dispute Settlement Panels: rules on individual country-against-country trade disputes.
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WTO Ministerial Conference in Hong Kong - December 2005 Issues which are key to the negotiations 1. AGRICULTURE 2. TRADE IN OTHER GOODS 3. SERVICES 4. DEVELOPMENT PACKAGE
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WTO Ministerial Conference in Hong Kong - December 2005 1. AGRICULTURE Question of poor countries' access to rich states' agricultural
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This note was uploaded on 08/15/2011 for the course MKTG 4704 taught by Professor Ince during the Spring '10 term at Virginia Tech.

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Notes 02-14-11 - The Global Trade Environment Continued...

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