GOV_298_21 - The World Trade Organization READING...

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The World Trade Organization READING ASSIGNMENT: Busch, Marc. Overlapping Institutions, Forum Shopping, a International Organization 61(4): 735-761.
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Plan History of the WTO What it does Relation to regional trade organizations
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All markets rest on political structures Trade? GATT/WTO
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GATT/WTO General Agreement on Tariffs and Trade became the World Trade Organization in 1995 GATT: 1947-1994 Initial idea: International Trade Organization discussed at Bretton Woods But the ITO failed Charter drafted 1948 United States Congress failed to approve it Meantime, GATT had been initially formed with 15 countries – grew from there. On 1 January, 1948 the GATT was signed by 23 countries
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Take-away: The 3 rd Bretton Woods Institution – the ITO – was never realized The GATT rose to take its place A pseudo-Bretton Woods Institution
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WTO 153 members as of 2008 – http://www.wto.org/english/theWTO_e/whatis_e/tif_e/org6_e.htm Staff of only 635 – IMF: ~2000 World Bank: >10,000 2009 Budget: CHF 189,257,600 ~ $170-175 million http://www.wto.org/english/thewto_e/secre_e/budget09_e.htm World Bank operating budget ~ $1 billion Total IMF resources approaching 1 trillion… Derives most of its income from contributions by its members (size established according to a formula based on share of international trade) http://www.wto.org/english/thewto_e/secre_e/contrib07_e.htm – (Detail: share of international trade (%), based on trade in goods, services and intellectual property rights for the last five years for which data are available. There is a minimum contribution of 0.015%)
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Initial GATT members (1/1/1948) Australia Belgium Brazil Burma Canada Ceylon Chile China Cuba Czechoslovak Republic France India Lebanon Luxembourg Netherlands New Zealand Norway Pakistan Southern Rhodesia Syria South Africa United Kingdom United States
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The WTO
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What does the WTO do? Provides a forum for negotiations Administers trade agreements Provides a dispute settlement mechanism
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3 components 1. A set of principles and rules 2. An intergovernmental bargaining process 3. A dispute settlement mechanism
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1. Market liberalism In the aggregate gains from trade outweigh losses Winners could compensate losers 1. Nondiscrimination Most Favored Nation (MFN): Treat all countries as
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This note was uploaded on 01/16/2012 for the course GOVT 298 taught by Professor Staff during the Spring '10 term at Georgetown.

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GOV_298_21 - The World Trade Organization READING...

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