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International Trade and the World Trade Organisation

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  • 1. International Trade and the World Trade Organization International Economic Relations Metropolitan University Prague Martin Kolmhofer 2011/2012
  • 2. The WTO is based in Geneva: 153 member states
  • 3. 90 % of World Trade are done between WTO members
  • 4. The idea to establish an institution to regulate international trade started at the end of WWII
  • 5. WTO ideology is based on classical theories of free trade (Adam Smith, David Ricardo). Great Depression 1929 was seen as one of the reasons for WWII because of return to protectionism.
  • 6. Video: Why do countries restrict trade?
  • 7. 1948: 23 countries signed GATT ( General Agreement on Trade & Tariff) 3 did not ratify
  • 8. The GATT was replaced by the WTO in 1994
  • 9.  
  • 10. 2011: 153 members + 31 countries with observer status
  • 11. Trade routes: Ship, Plane, Internet
  • 12. China joined WTO in 2001 – by now China is the biggest exporter of finished goods
  • 13.  
  • 14.  
  • 15. Russia?
  • 16. Russian access talks (started 1993) are difficult: Russia does not want to grant access to its mining industry to foreigners
  • 17. Budget: 8 countries contribute more that 50%, 39 smallest countries only 0,6 %
  • 18.  
  • 19. The European Union has one vote per member + one vote as an organization (27+1)
  • 20. MFN (Most Favoured Nation) clause Has some exceptions: Regional Free Trade Areas
  • 21. 4 big Free Trade Areas: EU, Mercosur, NAFTA, ASEAN
  • 22. Average tarrifs (as percentage of the value of the good) have decreased considerably
  • 23. Dispute Settlement Body  ( DSB ) Example: EU refuses to import genetically manipulated beef from Canada & US Considered by DSB as NON-TARIFF BARRIER.
  • 24. Example: US subsidies for BOEING were considered illegal EU was allowed to react with sanctions
  • 25. Agricultural Products: Big area of debate
  • 26. Doha Round commenced in November 2001 Major issue: agriculture and agricultural subsidies Developed vs. developing countries / EU vs. US
  • 27. CAIRNS Group: Trade group of 17 agricultural exporting countries, accounting for one-third of the world's agricultural exports.
  • 28. G90: Alliance between the poorest and smallest developing countries
  • 29.  
  • 30.