World Trade Organisation (WTO) Overview
- Created by: JordanWr
- Created on: 30-10-18 15:08
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- World Trade Organisation (WTO)
- Structure
- 164 member countries
- Ministerial Conference
- Meets every 2 years
- Based off consensus - To pass a trade deal all members have to agree
- Purpose
- To reduce barriers on trade
- 1) Checks that members are following trade agreements.
- 2) Investigates, analyses, and produces reports on global trade and economics.
- 3) Resolves trade disputes between member states.
- To reduce barriers on trade
- Six Key Principles
- Non-Discrimination: All member states should be treated equally.
- Openness: Free trade (lowering tariffs).
- Predictable & Transparent: States shouldn't raise trade barriers without warning + a predictable system aids stability.
- More Competitive: States should not take actions which would put them at an unfair position.
- More Benefits for Less-Developed Countries: Enable less-developed countries time to become full participants in international trade.
- Protection of the Environment: The environment must be respected both nationally and internationally.
- Based in Geneva
- The EU is a member of the WTO; meaning that countries involved in the EU must act as a unified bloc of states.
- WTO Rules
- The WTO has founding rules that have been in action since the original GATT in 1947
- Every member must agree for a 'round' to be successful.
- There have been 9 negotiating rounds.
- 1947 - General Agreement on Tariffs and Trade (GATT)
- 45,000 tariff removals were agreed.
- 1962-67 - Kennedy Round
- Expanded the removal of tariff barriers worth US $40 billion.
- 1986-94 - Uruguay Round
- This was the longest successful round of the WTO.
- 123 countries involved
- WTO was formally created during this round.
- 2001-Now - Doha Round
- Intended to widen free trade with developing countries
- But talks have been halted over disagreements over further reductions in agricultural subsidies.
- Intended to widen free trade with developing countries
- 1947 - General Agreement on Tariffs and Trade (GATT)
- There have been 9 negotiating rounds.
- Every member must agree for a 'round' to be successful.
- The WTO has founding rules that have been in action since the original GATT in 1947
- Criticisms of the WTO
- Doha Round
- This round raised criticism because it was perceived that powerful nations (e.g. USA and EU) were blocking less-developed nations in order to preserve the status quo
- This round was abandoned without agreement in 2015.
- The Financial Times: 'having failed to save Doha in the WTO, its members must now save the WTO from Doha'
- This round raised criticism because it was perceived that powerful nations (e.g. USA and EU) were blocking less-developed nations in order to preserve the status quo
- This round raised criticism because it was perceived that powerful nations (e.g. USA and EU) were blocking less-developed nations in order to preserve the status quo
- This round was abandoned without agreement in 2015.
- The Financial Times: 'having failed to save Doha in the WTO, its members must now save the WTO from Doha'
- Political power resides within Western powers.
- Those who have higher representation in Geneva are more powerful in decision making.
- Workers' rights and environmental protection is disregarded.
- The WTO is unable to make quick decisions due to infrequent Ministerial Conferences; as well as the need for consensus.
- Doha Round
- Structure
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