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Arabi Moorthy and Prachi Vyas

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Title: Arabi Moorthy and Prachi Vyas


1
World Trade Organization
  • Arabi Moorthy and Prachi Vyas

2
What is the WTO?
  • Only global international organization that deals
    with the rules of trade between nations
  • Goal is to help producers of goods and services,
    exporters, and importers conduct their business

3
Important Documents
  • Final Act signed in Marrakesh in 1994 functions
    as a a cover note to which everything else is
    attached
  • Agreement Establishing the WTO (the WTO
    Agreement) an umbrella agreement founding
    charter of the organization and the basis for
    everything the WTO does
  • Agreements
  • Manages about 60 different agreements, which
    have the status of international legal texts
  • Member countries must sign and ratify all WTO
    agreements on accession
  • Examples Agreement on Agriculture
  • Agreement on Tariffs and
    Trade

4
Age and Changes
  • Created in January 1, 1995 in order to replace
    GATT, under the Marrakech Agreement
  • Whereas GATT regulated trade in merchandise
    goods, WTO also covers trade in services
  • Telecommunications, banking, and issues such as
    intellectual property rights

5
Members in the WTO
  • 153 Members as of 2/10/11
  • China formally joined the body in December 2001
    after a 15-year battle
  • Russia joined only after convincing the EU and US
    that it had reformed business practices

6
Membership
  • First Government applying for membership must
    describe all aspects of its trade and economic
    policies that have a bearing on WTO agreements
  • Second Cover tariff rates and specific market
    access commitments, and other policies in goods
    and services talks determine the benefits (in
    the form of export opportunities and guarantees)
    other WTO members can expect when the new member
    joins
  • Third Draft membership treaty with protocol of
    accession and list of commitments
  • Fourth Final package presented to the WTO
    General Council or the Ministerial Conference
    needs a two-thirds majority vote in favor of the
    applicant

7
Membership Cont.
  • Non-member governments may become WTO observers
    before they make an application to accede
  • Status is granted initially for five years
    observer governments are then expected to take a
    stance on accession within that period of time
  • Iran
  • - Observer government
  • - General Council established a Working
    Party to examine the
  • application of the Islamic Republic of
    Iran on 26 May 2005
  • - Submitted its Memorandum on the Foreign
    Trade Regime in
  • November 2009
  • - The Working Party has not yet met.

8
Leadership in the WTO
  • Highest body Ministerial Conference
  • - Meets every two years
  • - Elects the organization's chief
    executive (the director-general)
  • - Oversees the work of the General
    Council.
  • - Setting for negotiating global
    trade deals, known as "trade
  • rounds" which are aimed at
    reducing barriers to free trade
  • General Council
  • - In charge of the day-to-day running
    of the WTO
  • - Made up of ambassadors from member
    states who also serve on
  • various subsidiary and specialist
    committees.
  • - Among these are the Dispute
    Settlement Panels which rule on
  • individual country-against-country
    trade disputes

9
Leadership Cont.
  • Director-General Pascal Lamy
  • - Supervises the administrative functions
    of WTO
  • - Little power over matters of policy
    role is primarily
  • advisory and managerial
  • - Appoints the members of the staff of
    the
  • Secretariat
  • - Determines staff duties and conditions
    of service
  • - Appointed by WTO members for a four-year
    term

10
Advantages of Membership
  • 1. Peace
  • 2. Disputes fair outlet for dealing with
    disputes over trade issues, international
    confidence
  • 3. Rules agreed rules give governments a clearer
    view of which trade policies are acceptable.
  • 4. Cost of living
  • 5. Choice more options, broader range of
    qualities
  • 6. Incomes
  • 7. Growth and jobs
  • 8. Efficiency trade allows a division of labor
    between countries. It allows resources to be
  • used more appropriately
    and effectively for production.
  • 9. Lobbying governments need to be armed against
    pressure from narrow interest groups,
  • and the WTO system can
    help.
  • 10. Good government Remove the use of quotas and
    reduces corruption because it places

  • constraints on member countries

11
Disadvantages of WTO
  • Too powerful it can compel sovereign states to
    change laws and regulations by declaring them to
    be in violation of free trade rules.
  • Run by the rich, for the rich does not give
    significant weight to the problems of developing
    countries
  • For example, rich countries have not fully opened
    their markets to products from poor countries.
  • Indifferent in regards to impact of free trade
    on workers' rights, child labor, the environment
    and health
  • Lack democratic accountability its hearings on
    trade disputes are closed to the public and the
    media

12
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13
International Impact
  • China
  • - Opened up Chinas market for more
    international trade and
  • investment, and opens up the world
    economy for Chinas exports.
  • Russia
  • - Diminished the monopoly that Russias
    banks and insurance
  • companies enjoyed.
  • - Boost key segments of Russias economy
    as foreign markets are
  • opened to Russian products like grain,
    transport, tourism,
  • construction and engineering
  • Nigeria
  • - Helped increase accountability and
    transparency in the
  • government to combat corruption

14
International Impact
  • Mexico
  • - Weakened local laws
  • - U.S. ?led a WTO challenge against
    Mexico for violating rules on
  • anti-dumping measures
  • - Deepened land privatization in Mexico
    by banning communal
  • ownership as discriminatory and
    removing restrictions on who
  • could buy land
  • UK
  • - Prevents trade-distorting behavior by
    multinational corporations.
  • - Created broader market with more
    transparency

15
Works Cited
  • 1. http//econ.economicshelp.org/2007/06/advantage
    s-and-disadvantages-of-wto.html
  • 2. http//www.wto.org/english/thewto_e/whatis_e/ti
    f_e/org3_e.htm
  • 3. http//www.cepr.org/meets/wkcn/2/2363/papers/Ta
    ng.pdf
  • 4. http//www.wto.org/english/tratop_e/tpr_e/tp75_
    e.htm
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