International Trade And Origin Of Goods Flashcards
WTO - World Trade Organisation main purpose?
Trade flows smoothly, predictably and freely
GATT meaning
General Agreement on Tarff’s and Trade
GATT was created in what year
1947
GATT Purpose
To lower trade barriers in order to encourage trade
HOW many GATT negotiation rounds has there been
8 rounds with a ninth - Doha development agender, under way
Basic structure of WTO members
How areas fit together, goods, services, intellectual property, disputes and trade policy
WTO members operate a NDTS?
Non-discriminatory Trading system
GATT between 1947 and 1944?
Lower tariff’s, other trade barriers, non-discrimination
GATT since 1995?
Marrakesh agreement, updated GATT, included annexes dealing with specific sectors: agriculture, product standards, dumping and subsidies.
GATT 2017 - recent addition
Trade Facilitation Agreement
TFA - Trade Facilitation Agreement
Minimising red tape, speed up clearances, transit procedures, coms between customs territories
When did TFA come in?
22 Feb 2017
MFN Meaning
Most Favoured nation = Set level of duty, remaining stable for that nation
Are MFN rates set at a lower rate than regular tariff rates?
No they are frozen at the regular rate
Difference between MFN and preferential rates.
MFN, set rates on most goods for all WTO members. Preferential, bilateral trade agreements between receiving lower, beneficial rates.
