2: WTO Flashcards
WTO has:
Around 160 members
Accounts for about 95% of world trade
WTO aims:
Liberalise World Trade
Uphold the rules of international trade
Trade liberalisation:
Refers to the removal of any barriers that may restrict trade
Role 1:
The WTO provides a forum for negotiating agreements aimed at reducing obstacles to international trade.
Role 2:
Provides a legal and institutional framework for the implementation and monitoring of these agreements.
Basic Roles:
Administering trade agreements
Acting as a forum for trade negotiations
Settle trade disputes
DOHA commenced:
November 2001
China and India:
Refused to remove tariffs and subsidies related to farming
India’s Commerce Minister:
“I am not risking the livelihood of millions of farmers”
EU Trade Commissioner Madelson characterised the DOHA as a:
“collective failure”
Cameron:
“It’s frankly ridiculous that it has taken 10 years to do this deal”
Limit of the WTO:
Does little to limit government subsidies, a major threat to trade equality.
American farm subsidies amount to:
$20 billion a year
The “Bali Package”:
December 2013 - Focused on trade facilitation, which means lowering cross-border tariffs that impede international trade laws.
“Bali Package” deal:
Estimated to add US $1 trillion to the global economy and create more than 20 million jobs, mostly in developing countries.
