Week 1 Flashcards
(14 cards)
World trade organisation (WTO)
Intergovernmental organizations responsible for
(1) Implementing, administering, and carrying out the WTO Agreement and its annexes
(2) acting as a forum for ongoing MTNs
(3) serving as a tribunal for resolving disputes and reviewing the trade policies and practices if WTO members
it can also be described as an umbrella organization under which the agreements that came out of the Uruguay round of MTN´s are gathered as the WTO agreement states, The WTO is meant to provide the ´ common´ institutional
GATT
General Agreement on Tariffs and Trade
GATS
General Agreement on Trade in Service
TRIPS
Trade-related Aspects of Intellectual property rights
General Agreement on Tariffs & Trade -GATT
Direct effect
- Rules of the WTO override national law
Protection - tariffs
- No quotas/taxes disguised as tarrifs
Non-discrimination
- MFN principle (most favoured nation)
- National Treatment rule
GATT – non-discrimination exceptions
General exceptions
- protect public morals
- protect human, animal, or plant life or health (mad cow disease in the UK)
Security exceptions
Other exceptions
- Emergency & temporary measure
- Protects particular industry threatened by number of imports
TBT
Technical Barriers to Trade
Multilateral Trade Agreements
Technical Barriers to Trade (TBT)
appropriate level of protection for the life & -health of:
- humans
- animals
- plants
- the environment
prevent deceptive practices
must NOT create unnecessary obstacles to trade
Multilateral Trade Agreements
Sanitary & Phytosanitary Measures
Complements TBT
Sanitary = hygiene, spread of pests & diseases + risks arising from toxins & contaminants
Phytosanitary = produced food (animal and plant), e.g. use of fat growing supplements, genetically enhanced
EU banned import of biotech food & genetically modified food from the US
WTO Panel decision USA v. EU: EU ban unjustifiable under SPS = NO scientific proof
Multilateral Trade Agreements
Antidumping rules
Dumping = Selling exported goods at prices below their normal value.
NOT prohibited!!! (Art VI of GATT 1994, the Antidumping Code)
Dumping prohibited = only if an investigation determines that the dumped imports:
- cause / threaten to cause material injury to,
- or materially retard the establishment of
- a domestic industry within the importing country.
World Trade Organization (WTO)
The WTO Agreement:
Annex 1A: General Agreement on Tariffs and Trade (GATT)
Annex 1B: General Agreement of Trade in Services (GATS)
Annex 1C: Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)
World Trade Organization (WTO)
Responsibility (for):
Implementation of the WTO Agreement and its annexes,
Acting as a forum for multilateral trade negotiations,
Reviewing the trade policies and practices of WTO member states, and
Serving as a tribunal (court) for resolving disputes.
Members to the WTO
States (landen) Customs territories (e.g. EU, ASEAN)
Purpose of World Trade Organization (WTO)
Promotion and liberalisation of international trade (LoIT)
Liberalisation; the removal or loosening of restrictions on something
