Globalisation - Enablers Flashcards
How many countries are in WTO
160+
What is the most favoured nation principle
if you offer something to one WTO member, you must extend this offer to all other WTO members
examples of exceptions to most favoured nation principle
Bilateral agreements eg. EU-Canada
Free trade agreements within groups are exempt eg EU
Special market access for developing countries (allowing less international competition while industries and sectors are still developing)
Example of dispute within WTO
Boeing and US Airbus
Took 17 years to resolve
what are tariffs
duties imposed on goods imported
examples of non tariff barrier
- quotas
- standards eg food sanitary and free of contaminants
- government subsidies
- license requirement
what does GATT stand for
general agreement on tariffs and trade
what is GATT
pre WTO
before 2001, what was WTO mostly focussed on
and then post 2001
goods trade
and then went on to include service, intellectual property
what is a free trade area
where there is no tariffs, taxes or quotas on selected goods and services
what is a customs union
common tariffs within the union eg EU
once something is imported into the union, it can travel freely through the union
what is a single market
non tariff barrier removed
free movement of goods, services and people
The EU is the world’s largest exporter of goods, give an example of a very larger exporter from EU
Germany
How did the EU start out
started out as the European coal and steel community post WWII
prevent war over resources by collaborating rather than competing with each other
in what year was the single largest cohort of countries taken into the EU
2004,
a lot of eastern european countries
