Subsequent section sections will examine three of the main functions of the WTO including, respectively, trade agreements, providing assistance to developing countries, and settling disputes. As previously stated, with over one hundred members of the WTO being developing countries, they are able to have substantial influence over WTO trade rules.
However, this explosion of trade in developing countries could not have been possible without certain provisions provided by GATT, followed through with the help by the WTO.
The final section will present a critique of the WTO, discussing views of its opponents. The DSB can either adopt the ruling made by the panel, or reject it, in which case, either of the arguing countries can appeal the DSB decision. Clearly, it would be difficult for such countries to sustain itself without international Trade.
Due to the fast-paced nature of the global economy, it is essential to provide assistance and training to developing countries in order to more effectively and efficiently integrate these countries into the world of international trade.
Another difference that springs up is that Labour and Capital required to produce goods and services are not very easily transferable across international borders, as it would be to transfer them domestically.
Cases are settled through the Dispute Settlement Body DSBwho establishes panels, like tribunals, which are chosen upon deliberation with the countries involved in the dispute. These include agreements over tariffs, agriculture, textiles, services, intellectual property, anti-dumping, non-tariff trade barriers, pluri-lateral agreements which involve only a few member countries and finally, agreements on trade policy reviews.
The European Union EU for example, had banned imports of hormone treated beef from the United States due to potential health risks. A fixed time of one year is allowed before the decision of the panel, which is not to interfere with any WTO agreements, must be circulated to all members of the WTO and then taken to the DSB.
The clearly structured DSU allows the international trade system to function predictably and as effortlessly as possible, which is one of the main functions the WTO wishes to perform. Taking into consideration that over one hundred members of the current WTO members are developing countries, this reduction in tariffs have opened these economies to possibilities that would otherwise have been unrealised.
Political relationship between two countries is the main reason for increased trades between them. The scope of international trade has increased so much in the last two decades, that there are full time courses taught at graduate level for International trade alone.
This increase can be attributed to the advent of Globalization, and Industrialization. The increase in International trade can also be attributed to the increase of global awareness, because of Technological advances Internet. The function of these agreements is to ensure that trade flows as freely as possible, to the best interests of participating exporters and importers.
It has expanded upon what GATT had already established, taking on a larger scope in international trade and also approaching the functions of their permanent institution in a different way than GATT had previously done. Multi-national companies generate revenues in more than one country, as a result of which, this adds up to the International trade for a country.
GATT did so mainly by encouraging member countries to reduce trading tariffs and by providing guidelines for international trade.
The multilateral trading system covers not only trade in goods, as GATT did, but also includes trade in services and protection of intellectual property rights.Section III includes the theories of international trade, the concept of trade tariff and non-tariff barriers, welfare effects on small and large countries, mode of operations, and globalization as a whole in its concept of integration, and finally, section IV includes conclusion and recommendation remarks of the essay.
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International trade is when countries exchange goods and services with one another. Usually each country will use money to pay for the goods or services from the other country. Goods can be things like clothes, food, machine parts, or even things like furniture.
Services are tasks or jobs that one 3/5(19). "An essay on the International Trade in Art", in Stanford Law Review 34; ICOM tools; On illicit traffic; Search. Glossary; Good practices; Case studies; Contribute "An essay on the International Trade in Art", in Stanford Law Review Resource theme: Export, Acquisition & Due diligence.
1 Abstract Essays on International Trade, Growth and Finance by Marc-Andreas Muendler Doctor of Philosophy in Economics University of California, Berkeley. A free business essay on the subject of international trade - view, print and download to help you with your studies.Download