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IR Chapter 8-2 Spring 2014 student

IR Chapter 8-2 Spring 2014 student - CHAPTER 8.2...

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1 CHAPTER 8.2 International Trade PSC 124 Spring 2014 Northrup Gary Huck cartoon
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2 Overview I. Trade regimes International organizations Bilateral and multilateral agreements I. MNCs and EPZs II. Resistance to the current system of free trade
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3 I. Trade Regimes: Bretton Woods Meeting in 1944 to create a new global economic regime 1. IMF 2. World Bank 3. Gold standard 4. ITO? Bretton Woods Hotel - NH
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4 Creation of the GATT & WTO Bretton Woods: attempt to create ITO but unsuccessful (US objected) Created GATT – General Agreement on Tariffs and Trade A system of rules re international negotiations on trade – 1948 Several rounds re manufactured goods 1995 GATT became WTO GATT plus services and intellectual property, Controversial, but most countries want to belong and benefit
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5 The WTO Global IGO Establishes rules for international trade Promotes, monitors and adjudicates 159 members (Tajikistan joined March 2013)
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6 WTO Principles of Reciprocity Most favored nation concept (MFN) Trade restrictions placed on most-favored trading partner have to be applied equally to all WTO members So barriers aren t eliminated, but are equalized for level playing field Generalized System of Preferences (GSP) Exception to MFN Developed states give trade concessions to developing countries to help economic development process E.G. allowed China to provide subsidies to paper industry
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7 GATT and WTO Rounds Rounds of negotiations – most recent= Uruguay and Doha Attempts to establish rules for trade GATT focused on manufactured goods – tariff reductions globally WTO added services and intellectual property 1999 Seattle WTO conference was intended to deal with difficult issues – protests brought it to a halt (part of Uruguay Round)
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8 Seattle 1999 Difficult Issues for Negotiations US concerns about job loss Protests re workers in developing countries Environment Video * BBC history
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9 Doha Round 2001 round of WTO negotiations Doha, Qatar – avoid protests Goals – lower trade barriers around world; supposed to help development 2007 talks were closed with no success – North/South divide July 2008 talks broke down again over agricultural issues Scheduled to start up again in 2009 but didn t happen. Currently scheduled for Bali in December 2013 WTO account *
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