WTO and ILO - trade and labour Flashcards
what was the bretton woods conferences’ aim?
to create economic and financial institutions to mitigate/prevent an economic crisis like the great depression
was an organization created in the bretton woods conference?
no, countries couldn’t agree on the establishment of the international trade organization
disagreements in the bretton woods conference (3)
- US wanted extended trade liberalization
- EU wanted preferential deals with former colonies.
- developing countries pushed for the protection of commodities
what did the bretton woods conference result in?
the general agreement on tariffs and trade
difference between early-late gatt negotiation rounds?
earlier rounds focused on tariffs, the other’s included intellectual property rights, agriculture, textile
which gatt round created wto?
uruguay - 1980s and WTO created in 1995
doha round
failure to reach an agreement to continue negotiations- increasing bilateral agreements and regresssion in trade governance
is the WTO intergovernmental?
yes, it is purely intergovernmental- all decisions are taken in the member states bodies, there’s no supranational authority
decision-making is by consensus
ministerial conference - wto
highest decision-making organ - annual meeting of trade ministers
general council - wto
trade officials, who meet in different settings to discuss trade in goods, services, agriculture, intellectual property
important aspects of wto (2)
- transperancy- fixed and public lists of import tariffs for all products
- court-like dispute settlement procedures for complaints
objectives of wto
- regulating international trade with the intention to decrease tariffs
- avoid protectionism as causes of the global crises in 1920s
underlying assumption of WTO
market-driven trade maximizes growth/prosperity
politically motivated trades enrich one sector/country at the expense of others
bound tariffs
each member is required to agree to a ceiling for the import tariff it charges on each imported good (trump violated this)
most favoured nation principle
article1 gatt: the best agreement made with another country serves as the standard for agreements with other countries (simplifies the global trade system, leads to lower import tarrifs)