WTO Flashcards
(23 cards)
When did WTO form?
1995, after GATT
How many countries are involved?
164
What % of trade does it account for?
98%
what is the objective of the WTO
to help its members use trade as a means to raise living standards, create jobs and improve peoples lives.
what do WTO agreements cover?
goods, services and IP
what type of system is the WTO?
a multilateral trading system
What does the WTO set out?
legal grounds for international commerce
what are the foundation principles of the WTO?
Non-discrimination, Openness, stability, transparency, competitive environment and benefitting LIC’s
How does the WTO ensure Non-discrimination
Its MFN policy, Most-favoured-nation. ensuring tariffs are blanket across all WTO members.
However Free trade agreements can be used as a loophole to offer specific tariffs to certain members
How does the WTO ensure openness between members?
anti-protectionist measures with import bans and quotas restrict quotas responsibility
how does the WTO stay competitive
by eliminating unfair practices such as government subsidies to exporters or dumping products below market price
over the past 50 years, how much has merchandise exports changed?
avg 6% a year
how much do the USA contribute to the WTO 2022 budget
12%
how much does China contribute to the WTO 2022 budget
10%
how much does Germany contribute to the WTO 2022 budget
7%
how much does the UK and France contribute to the WTO 2022 budget
4%
What is the smallest contribution a country can make to the WTO’s budget
0.015%
How many disputes have been solved in the WTO dispute settlement system?
350
How many disputes have been to the WTO dispute settlement system?
615
strengths of the WTO dispute settlement system
mechanism to ensure member rights
WTO agreement can be enforced
provides a forum for those challenged to defend themselves
weaknesses of the WTO dispute settlement system
takes years to resolve, economic damage is still done with little/no compensation
no interim relief/measures
if challenge overturned, no compensation for economic harm suffered
Who has been under complaint the most
developing countries in nearly 2/3s
Are all cases followed through to the end?
no, most are settled in earlier stages
