wto Flashcards
was established to maintain order in international monetary system
IMF
was established to promote general economic development.
The World Bank
＿＿was established in 1948 to liberalize trade barriers.
GATT
In 1995, the GATT evolved into the
wto
GATT 全稱
General Agreement on Tariffs and Trade
＿＿Aimed to address isolationism / protectionism, which were seen as causes of WWII
gatt
Three ‘rounds’ of GATT
Kennedy Round (1960s): Tokyo Round (1970s Uruguay Round 1980s)
Uruguay Round
aimed at transforming GATT into the WTO
Tokyo Round
limited; tariff reduction but general economic crisis precipitated new protectionism, esp. in agriculture
Kennedy Round
: focused on anti-dumping
THE WTO: A SIGNIFICANT ACCOMPLISHMENT
A forum for trade negotiations (153 members) with a secretariat
DSPs (dispute settlement procedures): ‘binding’ through counter-measures
Include services & intellectual property (GATS/ TRIPS)
Reviewing national policies to check for discrimination against other members
Assisting less-developed countries (LDCs) in trade policy through technical assistance and training
Challenges of Global Integration
The Doha round of WTO negotiations were originally to be the Seattle Round until riots in Seattle forced the talks to move to Doha, Qatar
Intent of the round was to make rules fairer for developing countries
Opponents claimed that the rules would interfere with countries’ domestic policies
Talks have stalled over rifts between developed nations (US, EU, etc.) and developing countries
WTO PROBLEMS & CHALLENGES
Doha Talks collapsed due to disagreement on how to move forward on reducing barriers to trade
WTO bargaining structure unwieldy and complex
Decision making is not democratic in practice: biased towards big, economically powerful countries.
