DSST Business Ethics Study Guide sm 2

36 3 binding and enforceable commitments the tariff

Info icon This preview shows pages 21–23. Sign up to view the full content.

View Full Document Right Arrow Icon
[36] 3. Binding and enforceable commitments . The tariff commitments made by WTO members in a multilateral trade negotiation and on accession are enumerated in a schedule (list) of concessions. These schedules establish "ceiling bindings": a country can change its bindings, but only after negotiating with its trading partners, which could mean compensating them for loss of trade. If satisfaction is not obtained, the complaining country may invoke the WTO dispute settlement procedures. [35][36] 4. Transparency . The WTO members are required to publish their trade regulations, to maintain institutions allowing for the review of administrative decisions affecting trade, to respond to requests for information by other members, and to notify changes in trade policies to the WTO. These internal transparency requirements are supplemented and facilitated by periodic country-specific reports (trade policy reviews) through the Trade Policy Review Mechanism (TPRM). [37] The WTO system tries also to improve predictability and stability, discouraging the use of quotas and other measures used to set limits on quantities of imports. [35] 5. Safety valves . In specific circumstances, governments are able to restrict trade. There are three types of provisions in this direction: articles allowing for the use of trade measures to attain noneconomic objectives; articles aimed at ensuring "fair competition"; and provisions permitting intervention in trade for economic reasons. [37] Exceptions to the MFN principle also allow for preferential treatment of developing countries, regional free trade areas and customs unions.[ citation needed ] There are 11 committees under the jurisdiction of the Goods Council each with a specific task. All members of the WTO participate in the committees. The Textiles Monitoring Body is separate from the other committees but still under the jurisdiction of Goods Council. The body has its own chairman and only ten members. The body also has several groups relating to textiles. [38] Child labour (U.S. child labor ) refers to the employment of children at regular and sustained labour. This practice is considered exploitative by many international organizations and is illegal in many countries. Child labour was utilized to varying extents through most of history, but entered public dispute with the advent of universal schooling, with changes in working
Image of page 21

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
conditions during the industrial revolution, and with the emergence of the concepts of workers' and children's rights. In many developed countries, it is considered inappropriate or exploitative if a child below a certain age works (excluding household chores or school-related work). [2] An employer is usually not permitted to hire a child below a certain minimum age. This minimum age depends on the country and the type of work involved. States ratifying the Minimum Age Convention adopted by the International Labour Organization in 1973, have adopted minimum ages varying from 14 to 16. Child labour laws in the United States set the minimum age to work in an establishment without restrictions and without parents' consent at age 16.
Image of page 22
Image of page 23
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern