WTO trade agreements (finished) Flashcards
What are the main agreements of WTO?
Reduction of tariff and non-tariff barriers
Trade Related Investment Measures (TRIMs)
Trade Related Intellectual Property Rights (TRIPs)
Agreement on Agriculture (AoA)
Agreement on Sanitary and Phytosanitary Measures (SPM)
What is the Trade Related Investment Measures (TRIMs)
This agreement, which was negotiated during the Uruguay Round, applied only to measures that affect trade in goods. It is recognizing that certain investment measures can have trade-restrictive and distorting effects
What is the Agreement on trade-related aspects of intellectual property (TRIPS)?
It is a minimum standard agreement which allows members to provide extensive protection of intellectual property is they wish. Members are left free to determine the appropriate method of implementing the provisions of this agreement within their own legal system and practices
What is the Agreement on Agriculture (AoA)?
The agreement broadly deals with providing market access, reduction of export subsidies and government subsidies on agriculture products.
To get this market access, the AoA deals with the reduction of tariffs in export and import to open up for competition.
What is the Agreement on Sanitary and Phytosanitary Measures (SPM)?
This agreement refers to restricting exports of a country that do not comply with the international standards of germs/bacteria. Trade of products between countries allows for the spread of diseases and pests - SPM is in place to regulate this.
What is the Reduction of Tariff and Non-tariff Barriers?
This agreement involves an overall reduction of peak and average tariffs on manufactured products over a phasing out period. It ensures that companies have comparative advantage in the long run.
