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Tutorial 5-1A Multilateral organisations.pdf - Tutorial...

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Tutorial 5-1AMultilateral Organisations (BMGC)PRACTICE QUESTIONS1. Describe the nature and role of the World Trade Organization (WTO) inthe world’s multilateral economic systemand its current challenges.
[Why was it set up?]
Compiled by Joanne Koo1
Compiled by Joanne Koo26 Areas of the WTOi.It is an umbrella agreement of the WTO.ii.Agreement covers international trade of goods, called GATT.iii.Agreement covers trade of services e.g. communications, tourism,transportationiv.Agreement covers Intellectual Property Rightsv.Trade Dispute Settlement which allows for WTO to settle disputes inmore effective and less time consuming way.vi.Trade Policy ReviewRole/ Purpose/ Advantages of the WTOFirst, the WTO is theworld's basic trade agreementwith a commonset ofrules that applies to all trading partners which makes life easier for businessesas they don’t have to learn about new institutions for each market to which theyexport.A country cannot discriminate among its trading partners through aprinciple ofnon-discrimination.If it lowers a trade barrier, it has to do the same for allWTO member countries except when it is giving preference to regional partners.Second, the WTOadministers the various WTO agreements.It ensures theproper implementation and monitoring of WTO multilateral agreements whichprovide the legal ground rules for international commerce. [They are essentiallycontracts, binding governments to keep their trade policies within agreed limits.Although negotiated and signed by governments, the goal is to help producers ofgoods and services, exporters, and importers conduct their business, whileallowing governments to meet social and environmental objectives.]Third, the WTO is a forum for governments tonegotiate tradeagreements andsettle trade disputes

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Term
Fall
Professor
N/A
Tags
International Trade, World Trade Organization

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