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Week 4 GATT and WTO - Coggle Diagram
Week 4 GATT and WTO
Established in 1947 (“GATT 1947”)
WTO Established in 1995
Tariffs
Percentage of the tax
national level
although some regions are special tariff zone
tool of foreign policy
one form of generating revenue
also protectionism
but there are other ways for that as well
sibsidies
Bound tariff
maximum tariff level for given product
Applied Tariff
actual tariff level for given product
MFN - Most favorite nation
MFN tarrif is the same as Applied tariff
The point of the WTO is not there to do trade liberalization but to enforce non discrimination and predictibility
generalized system of prefferences
the GATT made an exeption to allow countries to make better than MFN tariffs to developing countries
Theory
country announces its applied and bound tariff
1 more item...
these are rules but there are exceptions
80 years of GATT/WTO
Geneva round - kennedy round
Uruguay round
Manufactured goods + Agriculture and Services
Tariffs + NTMs (no longer voluntary)
Establishment of the World Trade Organization (1995)
most important nagotiations so far
expanding the scope of trade governance
Bound tariff was on manufactured goods but not clothing and textiles
multi fiber arrangement
different tariffs of textiles were to ensure that developed coutnries dont invade the textiles market so that devloping coutnries have an advantage where they need it
1 more item...
Doha Round 2001
new rules on digital technologies
developing coutnries wanting more access on agriculture - new agreement reached but developed countries didnt really allow them access to their markets
the US doesnt like doha already under Obama and says we should nagotiate mroe bilaterally
THE ERA OF GREAT ROUNDS IS OVER