The 2012 Global Financial Crisis

The 2012 Global Financial Crisis
Introduction
The 2008 Global Financial Crisis (GFC) was the worst crisis in history, and has wide range and deep
effects on the world financial system and relations (Peihani 2012). The vulnerability of the world
financial system was exposed from the 2008 GFC (Mohamed 2011). Hence, countries are trying to
find a solution for the heavily market–relied global financial system, and protectionism has drawn
the attention from a great portion of countries and researchers (Viju and Kerr 2011). Mohanmed
(2011) defines protectionism as to support domestic production development, and protect it from
global competitions, normally through the methods of Quota and Tariff.
This paper is going to expand the findings of my previous briefing paper about the ... Show more
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The Congress started to increase the rate of tariff ever since, and reached its peak in 1828 of the rate
of nearly 49%. Moreover, after experiencing few ups and downs from 1832 to 1842, the Congress
started to decrease the rate of tariff from 1846 to 1857, to the average rate of 20%. The raise of tariff
was mean to protect the local production of goods manufactured from wool, iron, hemp, lead, and
glass; however, the tariff didn't achieve its goal of promote domestic infant industries (Bruce 1998).
Although the tariffs haven't treated the American well, however the Republicans was insists on
embrace protectionism. Moreover, America citizens were also opposed free trade due to the fact that
protectionism could restrict imports and lower the unemployment rate (Bruce 2011). Benjamin
Harrison defeated Grover Cleveland in the election of 1888, and passed the McKinley tariff in 1890
(Bruce 1998). The protectionists were arguing that not only infant industries need protections, but
also mature industries. Furthermore, due to the fact that tariff was the principal source of revenue for
the federal government (Bruce 1998), the Congress often avoid to use tariff for protectionist
purpose, which might reduce the number of import and less the revenues (Bruce 2011). The
situation has turned around since President William Howard created federal income tax (Bruce
1998), and it has soon replaced the tariff to became the principle revenue of U.S.
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Nafta, Eu, Wto, & Gatt
North American Free Trade Agreement (NAFTA)
The North American Free Trade Agreement was formed on January 1, 1994 with the final provisions
being fully implemented as of January 1, 2008. The agreement is meant to eliminate a majority of
the trade barriers, as well as invest in the three member nations: Canada, Mexico, and the United
States. NAFTA is viewed as one of the most successful trade agreements in history and has helped
provide increases in agricultural trade, as well as investments between the three member countries.
The purpose of the North American Free Trade Agreement is to eliminate trade barriers, which is
mostly done by eliminating a number of non–tariff measures that affect agricultural trade between
Canada, ... Show more content on Helpwriting.net ...
(WTO) & General Agreement on Tariffs & Trade (GATT)
The World Trade Organization was formed on January 1, 1995 however; its trade system is almost
50 years older. Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided the
rules for the system. The main purpose for the World Trade Organization is to offer a forum for
negotiation of trade between member Governments. The bulk of these agreements came from the
1986–1994 Uruguay Round negotiations, as well as from the GATT. Currently, the WTO is host to a
new set of negotiations under the "Doha Development Agenda" launched in 2001. At the center of
the WTO, are the agreements reached between the majorities of the world's trading nations. These
documents provide legal guidelines (and rules) for international commerce and general business.
These agreements are ultimately viewed as contracts, binding the participating governments to
keeping their trade policies within agreed limits. The system's overriding purpose is to help trade
flow freely for the economic development and well being of participating governments and their
countries. The General Agreement on Tariffs and Trade was first signed in 1948, although some
sources say 1947 (the year the idea was conceived). This agreement is designed to provide an
international

Tariffs : The Good And The Bad
Tariffs: The Good and the Bad
Sheri Ahrendt
Columbia Southern University
Tariffs: The Good and the Bad In an attempt to safeguard the economy from foreign competition,
the government of a country can implement a tax or fee known as a tariff. A tariff is a simple means
for governments to earn income. It is not the only way that a country can collect revenue on imports,
there are other regulations, subsidies, and quotas that have an impact on trade between countries, but
tariffs are the easiest to collect and have been in existence for hundreds of years. The amount of
tariffs that are levied vary tremendously between countries and commodities from free trade in
which there are no barriers in trade, up to protectionism where the government tries to protect its
economy from foreign competition. The tariff can be implemented by a specific tariff amount that is
charged for each single item that is imported, or as a percentage of the value of the item known as a
valorem tariff or both can be implemented simultaneously. A Harmonized Tariff Schedule is used in
the United States that lays out the tariff that is to be collected on each good or service that is
imported. (Suranovic, 2012, pp 11–12)
History of tariffs in the United States
The history of our country has seen the important role that tariffs have played in how our economy
has been established. Before we were our own nation and under British rule, England forced high
tariffs on the exports they accepted to protect their

International Economic Policy in Times of Crisis Essay
Governments face all kinds of crises every day, the approaches may be different but the goal is
always the same–maintain stability. While, wars and crimes against humanity tend to take a toll on
the population, infrastructure and terrain quite literally, financial crises can psychologically cripple a
country. There's something about a financial crisis that conjures a level of panic that could rival the
outbreak of a deadly disease. Maybe this is caused by a lack of visible end, as it seems the light at
the end of the tunnel is only made clear at the end of the crisis. Even with examples from history to
refer to, each financial crisis seems to take on a version all its own like a new strain of a deadly
virus. The government tries to ... Show more content on Helpwriting.net ...
The Austrian School, support free market but believe there are too many variables and the shifts in
equilibrium occur too quickly to rely on models instead use logical deduction based on fundamental
axioms (). Monetarists believe that the emphasis should be on the role of governments in controlling
the money supply (). Keynesian economics and its modern variations remains a common school of
thought in the U.S. that focuses on analyzing macroeconomic elements in the short term using
models (). The protectionist inclined schools, like the American School and at times the Austrian
School, prefer to use import tariffs and/or industry subsidies to calm the economy (). While,
believers in free trade, like the Keynesian School and Monetarists, are partial to adjusting interest
rates and fiscal stimulus in order to restore the economy.
The Great Depression of the 1930s is often used today as a point of reference to learn from failed
protectionist policies. Black Tuesday, October 29, 1929 marks the horrifying beginning to the Great
Depression with the most devastating collapse in the stock market until the recent crisis. The U.S.
government passed the Smoot–Hawley Tariff Act of 1930 in reaction to the financial crisis. The act
raised tariffs on over 20,000 imported goods to the second highest levels in American

General Agreement on Tariffs and Trade and Rwanda
The General Agreement on Tariffs and Trade (GATT) 1947 functioned as a means of adjusting trade
relationships between countries trying to improve their economies. Contracting parties to this
agreement have been bound by it to treat other contracting parties on an equal and reciprocal basis
as well as to curb protectionism. At the start of 1995, the GATT has been succeeded by the World
Trade Organization (WTO) and has since been the most important development in international
trade. However, it is still essential to note that the GATT as amended is still the central piece of the
WTO law . A Dispute Settlement Body (DSB) has been set up under Article IV of WTO Agreement
and the Understanding on Rules and Procedures Governing the ... Show more content on
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This principle is set out in Article III (1) GATT 1994 where it states that contracting parties
recognize that internal taxes and other internal charges and laws, regulations which affects the
internal sale, offering for sale, purchase, transportation, distribution or use of products, and internal
quantitative regulations requiring the mixture, processing or use of products in specified amounts or
proportions, should not be applied to imported or domestic products so as to afford protection to
domestic production . Case referred to would be the Gasoline case . In this case, Rwanda may claim
that the act of Australia forbidding their exports of coffee and timber from entering the Australian
market is an act which breaches Article III GATT 1994. This is because this prohibition does not
amount to the treatment of the nationals and products of another country the same way it treats the
domestic nationals and products . In addition there is also a breach in Article III (1) GATT 1994 as
the Australian government has imposed laws and regulations on the coffee and timber of Rwanda
which subsequently affects the offering of sale as well as the distribution or use of those products .
Next, Rwanda could claim according to Article XI GATT 1994. It is stated that non–discrimination
among contracting parties is required in administering quantitative

Trade Barriers From An Academic Standpoint
Trade Barriers
Allisa Bell
ECN500– Global Economics
Colorado State University – Global Campus
Dr. Walter Vanpoolen
April 23, 2015 Trade Barriers From an academic standpoint, economists overall believe that free
trade would benefit the economy more than instituting tariffs and non–tariff trade barriers. However,
the reality is quite different. Politically, tariffs help to strike a balance between social welfare and the
politicians' goals. One theory is that campaign contributions are needed for re–election; and to
achieve these funds, politicians will weigh this need against welfare–reducing protection for
industry lobbyists (Magee, 2011). The models would suggest that the tariffs should actually be much
higher than they are due to the low efficiency cost of tariffs compared to the substantial gains
provided for the producers (Magee, 2011). However, developed countries actually have very low
tariffs. There are six possible explanations for why developed countries have such low tariffs when
the political theories behind why we have tariffs at all would suggest they should be higher.
Six Reasons for Low Tariffs There are six main reasons for the disparity realized between theory
and reality. These explanations would suggest that politicians are just not responsive to the lobbying
efforts, the welfare costs of the implemented tariffs are higher than anticipated, the General
Agreement on Tariffs and Trade (GATT) successfully restrained trade barriers, free–rider

Case Analysis : Agriculture Subsidies
Title: CASE ANALYSIS ONE: AGRICULTURAL SUBSIDIES: ISSUES OF CONFLICT IN THE
WORLD TRADE ORGANIZATION OVER INTERNATIONAL TRADE
Student Name: Michael Shepard
Course Name and Number: GRC 615: Global Economy
Instructor Name: Dr. Charles Williams
Date of Submission: November 27, 2016
Introduction
The World Trade Organization (WTO) The World Trade Organization (WTO) is responsible to
negotiate and manage deals under the global rules of trade between nations. Its sole purpose and
function is to ensure that trade flows as smoothly, predictably and freely as possible (WTO). Not
included in the mission is to make all nations eternally blissful in trade agreements between nations.
Ongoing issues of concern with products imported and exported creating tension between nations is
addresses by the organization. Apple export practices to developing nations are a source of tension
between the United States and Japan, as is bananas between the European Union and the United
States. This paper summarizes a case analysis of trade functions between nations and the role of
WTO I facilitating solutions to international tensions. It goes further to explain specific activities of
the WTO. The paper discusses Uraguay Round and the Doha Development Agenda and their impact
on agricultural subsidies. Additionally, a Table of agricultural subsidies by nation for the year 2007
is shown with analysis and recommendation on presentation. The paper concludes with the

The World Trade Organization 's Agenda And Implementation...
INTRODUCTION Dating back to 1949, the World Trade Organization was preceded by the General
Agreement on Tariffs and Trade. The primary purpose of the General Agreement on Tariffs and
Trade was to reduce tariffs and other barriers to trade, as well as to eliminate preferences in order for
trade to be mutually advantageous. Currently, the General Agreement on Tariffs and Trade is still in
effect under the World Trade Organization, which was established to facilitate international trade,
economic growth and development. However, the goals of the World Trade Organization have been
called into question. Although the intergovernmental organization was established in order to aid
developing states to succeed into developed states, the World Trade Organization has been criticized
for widening the social gap between the Global North and South. The World Trade Organization's
agenda and implementation of its agreements have all served to advance the interests of developed
states, sidelining the interests of developing states. What is increasingly more alarming is the fact
that three–fourths of the members within the World Trade Organization compromise of developing
states. This paper will aim to analyze the various ways in which the World Trade Organization has
marginalized and allowed for the exploitation of developing states. Through examining the
consequences of foreign direct investment, the dispute settlement process, tariff escalation and the
TRIPS agreement, this paper will

The World 's Biggest Trader
Introduction Accounting for 20 percent of global imports and exports, the European Union (EU) is
the world's biggest trader. This should not come as a surprise because free trade among its members
is one of the founding principles of the EU. With trade policy being in the exclusive jurisdiction of
the EU, this creates new market opportunities for European exporters, workers and investors. The
creation of this global market also creates the need for the EU to protect the interest of its 28
members from serious injury by resolving trade issues that go far beyond tariffs. The Safeguards
Agreement (SG Agreement) sets forth the rules for application of Safeguard measures pursuant to
Article XIX of the Global Agreement on Tariffs and Trade (GATT) 1994. These measures are
temporary, emergency actions resulting in import restrictions that a country is allowed to impose on
a product if imports of that product are or have the potentiality to cause a serious injury to a
domestic injury of a directly competitive product. Safeguards are one of three types of contingent
trade protection measures, along with anti–dumping and countervailing measures, available to WTO
Members. Imagine Company X, who exports sneakers to a country Y. If country X imports sneakers
in numbers in such ways that it affects the level of sales for the domestic producer of sneakers in
Country Y. Country Y may consider implementing a raise in tariffs on sneakers so that Country Y's
domestic producers may keep

FDI In Tourism And Tourism's Impact On Tourism
Although tourism is the most liberalised sector under the GATS, especially on the mode 3
(commercial presence), there is astonishingly little empirical study on the impact of FDI on tourism.
Dwyer and Forsyth (1994) argued that the analysis of FDI impacts on tourism has been ignored and
has enticed less attention in the literature than what was supposed. Buckley and Geyikdagi (1996)
then pointed out that the difficulties in gaining information and data caused the analysis of FDI on
tourism has received little attention. UNCTAD (2007) stated that the complicated analysis of FDI on
tourism associated with the character of tourism that is not a singular activity. Tourism consisted of
many separated and related activities, covering food and beverage, transportation, entertainment,
sports, accommodation, culture, conventions, trade fairs, and recreation. Tourism also involved an
extensive variety of companies ranging from multinational corporations ('MNCs') to tiny
enterprises, allowing a number of diverse scales and levels in the market to partake in tourism. Some
experts, nevertheless, analysed the adverse impacts of FDI on tourism on the environment. Perrin
(2001) showed how GATS has significantly increased FDI in tourism. Putting Belek, Turkey as a
case study, the increase of FDI has been followed by over–concentration in key areas of activity and
primary locations, leading to the exploitation of other resources in the region. Specifically, the
constructions of

Harris: How Globalization Is Changing The World
GLOBALIZATION We live in a time of worldwide change. What happens in one part of the world
impacts people on the other side of the world. People around the world are influenced by common
developments. The term "globalization" is used to describe this phenomenon. According to Harris,
the term is being used in a variety of contexts. In a very broad context, media use it almost daily to
refer to a wide variety of political, sociological, environmental, and economic trends. The business
world, however, uses this term in a much narrower context to refer to the production, distribution,
and marketing of goods and services at an international level. Everyone is impacted by the
continued increase of globalization in a variety of ways. The types if food we eat, the kinds of
clothes we wear, the variety of technologies that we utilize, the modes of transportation that are
available to us, and the types of jobs we pursue are directly linked to "globalization." Globalization
is changing the world we live in. Causes of Globalization Harris indicates that there are three main
factors contributing to globalization. These factors include: The reduction in trade and environment
barriers in the post–World War II period. The rapid growth and increase in the size if developing
countries' economies. Changes in technologies Trade Agreements Originally, each nation established
its own rules governing foreign trade. Unfair regulations and tariffs were often the outcome,

The Practice Of Trade Before Gatt Essay
2.1 Practice of trade before GATT
The history of GATT discussions and the present WTO are the birth right of commitments that the
countries have voluntarily agreed with each other. To appreciate the foundation of the present
blueprint of import protection across WTO member countries in addition to products and industries
within those countries, it is important to turn to the past. Western Europe after the World War–I was
caught up with economic instability and disparity of the economic recovery following the World
War–II was more evident in the context of international trade relations. Economic reconstruction
after the World War–I was deficient in institutional machinery to make possible the reduction of
trade barriers that has arisen during the war and had become well–established thereafter. The
European countries had faced political weaknesses and it was reflected in trade policies which was
evident with the proposal of "equality of trade conditions" in draft League of Nations was discarded
in favour of a the provision for the "equitable treatment." The World Economic Conference held in
1927 found it indispensible to call upon the governments to do away with maritime controls on
trade, which incorporated, licensing requirements, import quotas and foreign exchange controls.
After over a decade of its formation, the League of Nations had nevertheless had yet to sponsor any
negotiations on liberalizing world trade from high tariffs, and the commencement of the depression

International Trade : United States Import Restrictions
International Trade:
United States Import Restrictions
Each country has different policies regulating the import of international goods. These regulations
are put in place to protect jobs, protect against cheap labor, protect against dumping of foreign firms,
protect infant industries, uphold environmental standards, and protect national security. The United
States uses import tariffs and quotas to its advantage, regulating its trade and protecting its market.
One of the most important sources of today's international trade protectionist policies is that of job
protection. To maintain existing jobs that could easily be threatened by foreign competition,
restrictions must be put in place, disallowing free trade. Restricting imports ... Show more content
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This exploitation extends to child labor. All in all, many countries can benefit from our import
restrictions that are put in place to reduce underpriced goods, as they reduce not only exploited
cheap labor but also child labor in foreign countries. A common protectionist measure put in place in
international trade is that of antidumping proceedings. These common rules lay out that charging an
unfair price for goods, also known as dumping, is prohibited. These unfair prices are defined as
prices that fall below production cost or below the price that a foreign firm charges for that identical
good in its own country. Despite the regulations put in place here in the U.S. to prevent dumping,
underpriced items are still very common. Further policies need to be enacted to prevent this.
Currently, the United States Department of Justice has some cases where it defines normal profit
rates as exceeding cost by over 50%. This rate is far higher than what exists in the majority of U.S.
industries. To reduce the prevalence of dumping by foreign firms, the United States Department of
Justice should reevaluate its markets with high profit rates and lower the percentage by which the
profit rates must exceed production cost in order to be defined as a "normal" profit. Reducing these
rates would not only reduce dumping but would also affect the two previously states problems of
cheap labor and underpriced goods. Infant industries are new domestic industries with

Advantages And Disadvantages Of International Trade...
The idea of founding an international organization to develop and co–ordinate international trade
was put forward in 1944 at a conference on economic matters held in Bretton Woods, New–
Hampshire, but the details were left for later. After the founding of the United Nations in 1945,
multilateral trade negotiations were conducted within the framework of the United Nations.
Economic and Social Council adopted in 1946 a resolution in favour of forming an International
Trade Organisation (I.T.O). One of the major problems faced by Governments of nations all over the
world is the protection of their domestic industry from the competition of the foreign manufactures.
To meet the challenge and to protect domestic industry, governments use two devises ... Show more
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At the close of World War II, these countries realized that world trade had declined considerably and
the impact of decline in world trade showed an adverse effect on all countries in the world. It was
therefore, felt that the artificial restrictions imposed on international trade be removed. Meanwhile
several negotiations had taken place between each other's principal supplier countries. Under the
'most favoured nation rule' all the concessions made in the course of bilateral negotiations were to
be extended to all participating countries. The tariff negotiations between many pairs of countries
were completed by October 1947 and provided for major reductions

The Negative Impact Of Tariffs In The US
Apple Incorporated, Microsoft, and other high–tech companies can benefit from tariffs being
completely wiped out. A tariff is a tax or a duty that is placed on an imported good or product that
the government imposes. It can be a negative impact that can affect both foreign and domestic
economies in a trade. Either way tariff was implemented because it has some good impacts. Impacts
creating some gains of revenue for the federal government and the economy. A few months ago the
Bloomberg Business reported, " that Negotiators agreed upon that it would be better to eliminate
tariffs on a variety amount of goods that are valued at more than $1 trillion of global commerce"
(Bloomberg Business, 2015). Eliminating tariffs can open more opportunities ... Show more content
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according to the United States Trade Representatives office (USTR) (Bryce Baschuk, 2015). The list
of products that are free from tariffs, which the deal would boost as much as $190 billion dollars to
the global gross domestic product and support 60,000 U.S. jobs (Bryce Baschuk, 2015). With these
plans technology official are hoping the deal would take into affect late 2016 of July. Below is a
graph showing the economic effects of tariffs. Consumers are taking the impact because of an
imported good. The deadweight loss you see below is money from the tariffs that covers if not
enough buyers purchase the product like

Essay about General Agreement on Tariffs and Trade in...
General Agreement on Tariffs and Trade in E–Commerce
The US is seeking to extend the duty–free status of international online transactions to protect the
development of global electronic commerce, the Clinton administration said yesterday. Susan
Esserman, deputy US trade representative, said the US wanted the World Trade Organization to
agree "at the earliest possible date" to extend the current moratorium on customs duties for
electronic trade.
In testimony to the Senate foreign relations sub–committee on Europe, Ms Esserman said duty–free
cyberspace was particularly valuable to US software companies that were seeking to distribute their
products electronically.
The US is also looking for WTO members to affirm ... Show more content on Helpwriting.net ...
Although this tension is an old story, Zeiler takes it further and argues that the Commonwealth had
'a major hand in shaping the GATT order' (p.197). It is a complex story of negotiations taking place
under conditions of extreme difficulty, and the author has worked diligently in the American, British
and Commonwealth country archives.
There is, however, a lot that raises the eyebrows of the economic historian. Within a few lines of the
opening we read that, 'global business leaders ... seek a commercial regime unfettered by barriers'.
This is rather the antithesis of the conventional understanding of businessmen almost invariably
(and nowhere more so than in the US), seeking protection. And running against the conventional
view (without seemingly noticing) is the idea that America is the home and inspiration of free trade.
The British in the 1930s opted for, 'Regulated, rather than American style market, capitalism ... '
(p.20). Or again, 'Free trade frightened the British' (p.39). And richest of all, 'The British simply
would not accept the free trade doctrine' (p.24). Zeiler suggests that free trade was key to the
American economy ignoring the fact that America had been one of the most protectionist countries
for most of its history. This is unfortunate and results in a distortion of the argument, for of the
GATT negotiations Zeiler say s the British were not willing partners in pursuit of lower trade
barriers. At certain times that may have been true

Tariff Of The Agreement And Wto Claim That Reduction Of...
To start with, the supporters of the agreement and WTO claim that reduction of trade barriers mainly
aims to promote a trade, hence increase in development. In fact, because of the specific nature of the
services, GATS has strong linkages with regulation issues (Kirkpatric and Parker, 2002). Both, WTO
and national governments agree that harmonization of policies should be implemented in a way that
protects states' rights (Jung, 2013). In the preamble of GATS is clearly stated that agreement
respects members' sovereignty and recognize their right to regulate in domestic policies:
"Recognizing the right of Members to regulate, and to introduce new regulations, on the supply of
services within their territories in order to meet national ... Show more content on Helpwriting.net ...
However, the modern international regime does not prevail over states' rights to regulate (Jung,
2013). In fact, WTO does not impose Member States to adopt precisely same policies and leaves
enough space for domestic regulation (Jung, 2013). Adlung (2010) emphasizes that every single rule
at the WTO is being agreed by consensus and support of all Member States. Therefore, sufficient
scope for states' sovereignty in domestic regulations is preserved, thus, national governments are
able to decide to what extent they wish to liberalize their service sector and open frontiers for trade
(Suave, 2002; Chanda, 2002). Secondly, another feature of the GATS, which is often being
discussed is its' voluntary nature and flexibility in making commitments. WTO assures that
commitments are being made on a voluntary basis (Walraven, 2006; Suave, 2002). Supporters of the
agreements argue that the GATS impose only manor general commitments. The main requirement
arising from the WTO is that Member States would implement their national policies with regards to
their obligations undertaken under the GATS (Jung, 2013). Also, it is being noted that commitments
are not fixed, it is only legally binding, thus national governments are allowed to modify it relevant
to their regulatory objectives, choose to not make any commitments or withdraw it in the later stage
(Adlung, 2010; Suave, 2002; WTO, 2002). In

Global Impact Of Sainsbury's World Trade Organization
World Trade Organization (WTO) is also one of the potential impacts of the global factor towards
Sainsbury's. The main aim of World Trade Organization is to open trade or free trade for the benefits
of all such as dealing with the global rule of trade between nations. For instance, it is to assist
organizations like Sainsbury's of products and services, exporter and importers to have a better
protection and management for their businesses. The advantage of World Trade Organization is
lower the price of products for consumers by removing tariffs. Customer is able to buy cheaper
imports without tariffs. For example, Sainsbury's is able to purchase imported goods from other
countries with a cheaper price so that customer has more choices to choose

Nafta Tariff Barriers
In poster #1 you can see that with tariffs down means trade will increase. This is represented by the
words tariff and trade. The word tariff is written in red to signify a negative connotation, it also has
an arrow pointing down meaning that the tariffs are lowering. The word trade is in green for a
positive connotation and has an arrow pointing up to mean that trade is increasing because of the
lowered tariffs. An increase in trade is what stimulates countries benefitting off comparative
advantages. This increase in trade has had many benefits for all countries involved. With an increase
in trade the price of goods in America decreases, making it easier for low income households to
afford the products they need. Not only are the prices lower but with the rise in competition the
quality of the goods and services are increased as well. This is demonstrated in poster #2, which
says that low prices means happy consumers. The meaning of the poster is that because of lower
prices more consumers can lead happier lives. NAFTA is not only improving trade but quality of
life. ... Show more content on Helpwriting.net ...
Because of this trade between these neighboring countries has quadrupled in the last twenty years,
as shown in Poster #3. Having almost no barriers means more opportunity for comparative
advantages. A comparative advantage is when a certain country has a lower opportunity cost for
production of a certain good or service. An Opportunity cost is what is given up in order to use a
country's resources to do one thing instead of another. Which means the country can make more of
that good/service than other countries while using less resources. Therefore when a country has a
comparative advantage they should put more of their resources for production into that good or
service. This helps out all economies involved because using specialization will help have high
quality goods and services for lower

Japan 's Impact On Japan
Japan Japan was one of the first Asia countries to get themselves into the trade sector in 1868. They
were a part of a trade routes that included Southeast and East Asia. Then by the sixteenth century
they started trading with Western Countries. Japan and Western Countries found it hard to work with
one another due to difference in religion. This began to limit the foreign trade between the two
countries. Then when China became weaken by the trade industry, Western Countries found Japan to
be attractive again, so they reached out to Japan to participate in foreign trade. Prior to World War II,
Japan wanted to gain power in Asia countries that were being overrun by the European power. This
led to a Japan attacking China in 1931 which sparked a war between the two. At first the United
States did not want to get involved with the war between the two countries because of a treaty intact
and they were benefiting from the trade with Japan. In 1936, United States Congress passed a
Neutrality Act to prohibit the United States from selling goods to countries at war. This was
enforced to prevent into falling into a war of their own. In 1939, The United States began to side
with China regarding the war and in 1941 the bombing of Pearl Harbor happened. This all occurred
during World War II where Japan was a part of the "Aix Power" with Germany and Italy have made
many enemies. (http://usforeignpolicy.about.com/od/asia/a/The–United–States–And–Japan–Before–
World–War–Ii.htm) After

International Trade Agreements And How Governmental...
This paper will discuss the benefits United States (U.S) had by engaging in international trade
agreements and how governmental influences benefitted trade. To regulate international trade
between nations, international trade agreements exist. These agreements involve regulating imports,
exports and international trade of some specialty goods. The United States have been involved in
many international trade agreements including free trade agreements. Free trade Agreements (FTA)
helps the United States to open up foreign markets for domestic firms. The agreements help to
reduce barrier on exports, ease trading across the border, improve economic growth, increase
productivity, increase employment opportunities, and boost agriculture exports. There are critical
functions associated with multilateral trading systems like World Trade Organization
(WTO)/General Agreement on Tariffs and Trade (GATT). Some of those critical functions are
resolving disputes efficiently, create a better trading environment, and preserve peace among
countries. The initial sections of this paper will discuss the benefits of international trade agreements
for exports, imports, jobs, agriculture, and economy.
Another topic that is discussed in this paper is governmental influences on trade and internal
policies. Governmental influences helped United States to reap benefits, from an economic and
non–economic standpoint. There are political, economic and cultural reasons as well for the
Government

Implementing International Business Effectiveness : A Free...
Historically, governments have implemented policies that increase the cost and risks of doing
international business. This was, at the time, considered sound economic logic, that is, to protect a
country's own industry from international competition. Mainly via imposing tariffs on imported
goods, governments would signal their intent to protect the local economy. As economic literature
has continually developed over time, the creation of a more open international business market has
become relevant for all governments across the world, who now play a significant role in creating
international business effectiveness, as evidenced by an uptake in WTO members building trade–
promoting agreements in recent decades (Kohl, Brakman, & Garretsen, 2016). What was once seen
as a threat to economic prosperity, has in fact turned into an enticing source of economic growth.
One may consider the paradoxical nature of such a transition, given these once protectionist
governments are now favouring a free trade movement. However, for a paradox to occur, conflicting
arguments must exist concurrently, and it is the purpose of this paper to argue that an evolution in
economic theory is responsible for the shift in government policy. In doing so, an exploration of the
ways by which governments have historically increased the risk and cost of doing international
business will take place. Moreover, the economic theory responsible for the philosophical shift made
by governments to now support

Governmental Influence on Trade
Chapter SEVEN governmentAL INFLUENCE ON TRADE OBJECTIVES To realize the rationales
for government policies that enhance and restrict trade To interpret the effects of pressure groups on
trade policies To understand the comparison of protectionist rationales used in high–income
countries with those used in low–income countries' economies To comprehend the potential and
actual effects of governmental intervention on the free flow of trade To understand the major means
by which trade is restricted and regulated To grasp the business uncertainties and business
opportunities created by governmental trade policies Chapter Overview A government's political
objectives are sometimes at odds with its economic ... Show more content on Helpwriting.net ...
[Note Fig. 7.1.] III. ECONOMIC RATIONALES FOR GOVERNMENTAL INTERVENTION
Government intervention in the trade process may be either economic or noneconomic in nature.
[See Table 7.1.] A. Unemployment Persistent unemployment pushes many groups to call for
protectionism; one of the most effective is organized labor. By limiting imports, local jobs are
retained as firms and consumers are forced to purchase domestically produced goods and services.
However, unless the protectionist country is relatively small, such measures usually do little to limit
unemployment. On the other hand, they may result in a decline in export–related jobs because of (i)
price increases for components or (ii) lower incomes abroad. Further, such measures are likely to
lead to retaliation unless either the protectionist or the affected country is relatively small. Thus,
governments must carefully balance the costs of higher prices with the costs of unemployment and
the displaced production that would result from freer trade when enacting such measures. B. Infant–
Industry Argument First presented by Alexander Hamilton in 1792, the infant–industry argument
holds that a government should temporarily shield emerging industries in which the country may
ultimately possess a comparative advantage from international competition until

Importance Of Preferential Trade Agreement
Internal Memorandum 2
Countries are increasingly using preferential trade arrangements in order to liberalize trade. There
are specific terms used in this context as such. When talking about a PTA, it should be first made
clear that this is an exception the core WTO principle of MFN. Some countries are treated better
than others for the purposes of such agreements, as opposed to the MFN status of the WTO, where
everybody is treated the same. There are going to be increasing levels of integration associated with
PTAs.
The first one, according to relevant literature is the so–called free trade agreement, FTA. Under this
arrangement countries will eliminate restrictions with their other 'club members', but will continue
to add independent ... Show more content on Helpwriting.net ...
The first two ways of integration deal with movements of goods and services across borders and
WTO commitments. So, to be clear, it is only the FTAs and Customs Unions towards which WTO
rules are addressed. The WTO has certain commitments that members agree to, surrounding these
preferential trade agreements. On an FTA, where the FTA and customs union are treated under art.
XXIV of the GATT, the commitments under the agreements are required that the restrictions on
non–members cannot be increased. You can eliminate the barriers among your buddies, but you
cannot increase the tariffs on non–members. With the customs union, since there will be a common
policy towards non–members, there could be some instances where some good's tariffs go up for a
particular member and down for another. So, it is looking at policies as a whole. There will be a
requirement for compensation as such.
The other expectation is that the restrictions both under the FTA or customs union need to be
removed by members on substantially all trade and within a reasonable amount of time. So, the idea
is that an FTA or customs union will not be only for the auto industry or only for the agricultural
industry, it should be for trade, as a whole. Some agreements in practice do not meet this criteria and
it is possible that a member could bring a dispute settlement case against two other WTO members,
who are not living up

China's Entry into the World Trade Organization
Introduction
World Trade Organization ( WTO Eng . World Trade Organization (WTO) – an international
organization founded January 1, 1995 for the purpose of international trade liberalization and
regulation of trade and political relations between the Member States. WTO established under the
General Agreement on Tariffs and Trade (GATT) .WTO is responsible for the introduction of new
parts as well as enforces the members of the organization of all agreements signed by most countries
and ratified by their parliaments. WTO bases its activities on the basis of decisions taken in the
years 1986–1994 in the framework of the Uruguay Round and earlier GATT agreements. As of July
2012 , there are different groups of negotiations in the WTO system to address current issues in
terms of agriculture, which leads to stagnation in the negotiations themselves .WTO headquarters is
in Geneva , Switzerland. WTO chief ( CEO ) – Roberto Carvalho de Azevedo , in the state of the
organization about 640 people. On March 2, 2013 the WTO consisted of 159 countries .
The idea of establishing an international organization designed to regulate international trade was
made before World War II . Basically, the U.S. and UK forces in 1944 at the Bretton Woods
conference were based International Monetary Fund and the International Bank for Reconstruction
and Development. The third pillar of the new economic order, along with the aforementioned
organizations planned to establish an International Trade

The World Trade Organization And Its Predecessor The...
Over the course of its history, the World Trade Organization (and its predecessor the General
Agreement on Tariffs and Trade) has aimed to liberalise trade throughout the globe. While
accomplishing such a task is no easy matter, the WTO has managed to successfully implement a
number of agreements over the course of 67 years towards such a goal. Recently though, the WTO
seems to have stalled in producing successful agreements. The latest round of such agreements,
dubbed the Doha Development Round, has been in development for nearly 15 years now with little
to show for it. Why is it then that the WTO, an organization that has managed to successfully agree
on eight previous rounds, been stuck for so long?
The World Trade Organization largely accomplishes its agenda through "rounds": negotiation rounds
between all members that largely focus on specific agendas with the aim to create guidelines and
rules that promote global trade. Historically, the WTO (and the GATT) have seen eight rounds thus
far (nine if counting the current Doha round), with each producing an universally agreed–on
agreement. The first round of such, taking place in 1947, is what actually brought about the GATT
and focused largely on tariff controls. The subsequent four rounds, occurring in 1949, 1951, 1956,
and 1960, each also focused on tariffs controls. Such negotiations largely took place because of the
quickly–changing world playing field and as new members joined onto the GATT. It wasn't until the
mid

Gatt And Its Eventual Development
Founded in 1995, the World Trade Organization (WTO)–formally known as the General Agreement
on Tariffs and Trade (GATT)–would officially commence in the late 20th century with more than
123 nations taking part. The intergovernmental organization, which was established to regulate
international trade, replaced GATT as of April 15th, 1994 following the signing of the Marrakesh
Agreement by more than 120 global nations, and was officially legitimized more than 20 years ago
on January 1st 1995 following GATTS's unsuccessful attempt in creating an International Trade
Organization in 1948 (WTO, 2016). It is of vital importance to understand the history of GATT and
its eventual development into what is known today as the World Trade ... Show more content on
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It must be noted that GATT is not an organization, but rather an agreement among multilateral
nations eager to take part in global trade. GATT strived to remove the many boundaries and tariffs
that restricted nationals from trading. The smaller number of tariffs there were, the more trade would
occur; the more trade taking place between nations, the stronger a country would be. Though
originally intended to serve as a subsidy of the United Nations in 1947 during the UN Conference
on Trade and Employment in Havana, Cuba and as the primary regulator of multi–national trade, the
ITO failed final support and approval–particularly from the US Government. "In 1950, the United
States Government Announced that it would not seek Congressional ratification of the Havana
Charter, and the ITO was effectively dead (WTO, 2016)." This left GATT the sole multilateral
institution to govern world trade for half–a–century.
The General Agreement on Tariffs and Trade was negotiated and signed by 23 nations at the Palais
Des Nation in Geneva on October 30, 1947. GATT would officially legitimize on January 1st of
1948 and its founding members "contracting parties" included: Australia, Belgium, Brazil, Burma,
Canada, Ceylon, Chile, China, Cuba, Czechoslovakia, France, India, Lebanon, Luxembourg,
Netherlands, New Zealand, Norway, Pakistan, Southern

Essay about The Shortcomings of the Current International...
The Shortcomings of the Current International Trade System
The issue of trade has been a factor in the interrelations between nations since their conception.
Throughout history there have been many different structures that encompass these trade relations.
In essence, the state of trade between counties coincided with, and depended upon, their economies,
social structure, willingness to trade, and their available resources (tradable products and services).
Today's trade system is still formulated by these factors. However, there are many more concerns
and actors which must be weighed. The current international trade system is, to say the least, much
more complex. In its complexity, the trade system has also inherited a very ... Show more content on
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However, because of confusion about the implications of free trade, the ITO never came to be. Most
notably, the United States and Europe (mainly Britain) clashed in their concepts of free trade. The
United States saw free trade as a great means of helping world prosperity and encouraging peace.
Europe was however skeptical of this structural change while power was so unevenly shifted in
favor of the United States. With the threat of the US slipping into another depression, which would
also hurt Europe's economy, and presence of the Soviet Union's ideals lurking in the background, a
determination on trade became essential. Finally, the GATT was established with the sole concern of
reducing trade barriers. After several years of operation, the first of the South's voice would be heard
as they began to complain of unfair tariffs that industrialized countries still had in place that were
detrimental to the developing counties. It was reported by an investigative committee that, "barriers
of all kinds in developed counties contributed significantly to the trade problems of developing
countries." A major subject of the 1961 United Nations General Assembly was the large trade gap
between developed and undeveloped worlds. The Group of 77 (G–77), made up of developing

General Agreement on Tariffs and Trade
A. GATT Article III has been nullified and impaired. The WTO resolution panel will use the Japan–
Taxes on Alcoholic Beverages case's "like" products test and the tariff classification test to establish
the presence of nullification and impairment. The MF and Dabi are Members of the WTO and they
both must abide by the WTO Agreement. This Agreement gives WTO Members benefits in return
for their commitment to the Agreement. The MF is not complying with GATT Article III, Section 1
in that the MF is protecting their domestic beef products by regulating the importation of Dabi's beef
products without enough scientific evidence to support the negative effects of Xamil. Imported beef
products must be treated the same as domestic beef products. Dabi's and the MF's beef products are
like products due to identical end users and the beef's properties. Until more compelling scientific
studies are conducted to prove that Dabi's and the MF's beef products are not like products, the MF's
regulation of Dabi's beef products is inconsistent with Article III. In order to conduct the tariff
classification test, the WTO's Harmonized Tariff Schedule system must be used. B. GATT Article
XX (b) may be used by the MF to argue against Dabi's claims. The WTO resolution panel will use
the Thailand–Restrictions on Importation of Cigarettes case to test whether the ban on Dabi beef
products is "necessary" to protect human health. The case shows that the MF will not be successful
in invoking the GATT

U.s. Trade Policy Policies
U.S. Trade Policy Throughout history, the United States' trading policies have shifted from early
protectionism intended to generate revenue and support domestic industry growth to a high degree
of free trade within the international trade market (Carbaugh, 2015). In between, policy changes
designed to increase and decrease tariffs were enacted due to pressure from politicians, economists,
industries, citizens and other countries. Yet, emphasized in the ensuing paragraphs, America's
continuous efforts to maintain a sufficient amount of trade tariffs has continuously led to
fluctuations in the domestic economy. Along with the country's practice of protectionism, the
policies that influenced the major changes in tariff rates include the ... Show more content on
Helpwriting.net ...
As the initial tariffs laws prospered enough to yield over 90 percent of the federal government's total
revenue, pressures from developing industry leaders urging for a higher degree of protection needed
to combat growing foreign competition overwhelmed the governments revenue motives (Carbaugh,
2015). Highlighted by Alexander Hamilton's propositions to the federal government in 1791, actions
in the form of higher import tariffs and government subsidies were essential to the promotion of
manufacturing within the United States (Irwin, 1996). Consequently, these views fueled a growing
debate and struggle between the North's industry led economy who favored higher duties on imports
and the South's import dependent economy, which relied on lower costs (Carbaugh, 2015). With the
government's passing of the Tariff of Abominations in 1828, their intentions of promoting the
purchase of domestic goods by increasing the price of cheaper foreign products, mostly from
English exporters, enraged the Southern economy due to the record setting tariff duties that were the
highest in the world (Wilson, 2009). Additionally, the Southern states desired lower tariffs in order
encourage the trade of cotton and tobacco, which were supplied by Southern farmers and plantation
owners (Wilson, 2009).
Although the Tariff of

Export And Demand Of Goods
Tariffs are sorts of taxes on imported and exported goods. It could affect the supply and demand of
the merchandise. It started thousands of years ago when different countries' merchants exchanged
goods with each other. Governments who use tariffs to protect the local economy and national
benefits play an important role in trading until now. It is a useful tool for governments to negotiate
with other countries on diplomacy. However, tariffs become barriers to globalisation and it can have
negative effect on domestic economy and industries. Today, with the globalisation, each country
may still consider to protect their local economy first instead of removing tariffs from imported
products. Interestingly, many countries would love to gather ... Show more content on
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If local company product not as good as imported products, civilian may buy imported products. It
would decrease the demand for local goods, which mean local brands might be broke up. According
to Baghdasaryan D. and Žigić K (2010), government tariffs' target is preventing imported products
to have higher competitive position than internal products. Furthermore, tariffs could protect
domestic industry. Therefore, government applies a tax to increase the price of imported goods for
helping regional brands to survive in the market. Additionally, some countries tend to open market
in worldwide after they regard that their economic would not have obvious affect from other
countries especially developed countries, they require their products to have same treatment in other
countries, this requirement not only benefit to the exported countries' industry but also may offer
well known product to the world. Gene, Joel and Chantal (2009) claims that, in the World Trade
Organisation (WTO), countries should obligate the General Agreement on Tariffs and Trades
(GATT), but the people of developing country doubt that GATT and WTO could benefit to their own
country because the organisation was held by industrialised countries. The successful case like India
and China who have joined the WTO after they dismiss tariffs barrier. So, tariffs, in most case, effect
imported goods' price for influencing the demand on imported goods. The reason for this is

Wto And Its Influence On Trade
NNEOMA NWOBILOR
ECON 430 001
THE WTO AND ITS INFLUENCE ON TRADE IN DEVELOPING COUNTRIES
The World Trade Organization implements and facilitates trade between countries. Their aim is to
help countries especially developing countries in boosting their trade between countries. They also
help in creating agreements between countries that help to encourage trade and make trade easier.
They help in settling disputes or problems between member countries anytime it develops. I chose
this topic because I wanted to find out the different ways that the WTO has influenced trade
especially in emerging developing countries. The WTO has influenced the trade policies and
decisions of their member countries, most especially developing countries.
I believe ... Show more content on Helpwriting.net ...
According to an article called Developing Countries and the WTO which was edited by Gary P.
Sampson and W. Bradnee Chambers, they talk about the WTO, its aim and their main functions.
They start by saying that "The goal of a world trading system centered on the World Trade
Organization (WTO) is for multilaterally agreed law, coupled with the progressive liberalization of
trade, to the basis for international trade relations" (Sampson, Chambers). This basically sums up the
aim of the WTO, they are in charge of creating free and fair trade and making sure that each and
every country is being treated well, both those countries that are big in the trade market and those
that are small, there is also no discrimination and each and every rule and regulation created is
accepted by all the members of the WTO. One of the problems that have been encountered is the
high tariffs that are being put on goods that are imported from other countries. The article mentions
that "because of high tariffs on many products, a compromise agreement with the exclusions sought
for "sensitive" and "special" farm products would significantly decrease the gains from reform"
(Sampson, Chambers). The article also talks about how the four African countries namely, Chad,
Benin, Burkina Faso and Mali use cotton as their main means of export, the importance of this trade
and also how the market price for cotton is reducing and this might become a problem for

Practice Of Trade After The World War I Essay
.1 Practice of trade before GATT
The history of GATT discussions and the present WTO are the birth right of commitments that the
countries have voluntarily agreed with each other. To appreciate the foundation of the present
blueprint of import protection across WTO member countries in addition to products and industries
within those countries, it is important to turn to the past. Western Europe after the World War–I was
caught up with economic instability and disparity of the economic recovery following the World
War–II was more evident in the context of international trade relations. Economic reconstruction
after the World War–I was deficient in institutional machinery to make possible the reduction of
trade barriers that has arisen during the war and had become well–established thereafter. The
European countries had faced political weaknesses and it was reflected in trade policies which was
evident with the proposal of "equality of trade conditions" in draft League of Nations was discarded
in favour of a the provision for the "equitable treatment." The World Economic Conference held in
1927 found it indispensible to call upon the governments to do away with maritime controls on
trade, which incorporated, licensing requirements, import quotas and foreign exchange controls.
After over a decade of its formation, the League of Nations had nevertheless had yet to sponsor any
negotiations on liberalizing world trade from high tariffs, and the commencement of the depression

What Is The Function Of The World Trade Organization
This essay will focus on the World Trade Organization (WTO) and will address several attempts by
this organization to achieve trade liberalization. Some attempts that will be discusses are: The Doha
Round, the Bali Package, the Environmental Goods Agreement, and Aid for trade. The function of
the WTO is to promote international trade liberalization by eliminating trade barriers. It is believed
that if countries are freely available to trade there will be more wealth and efficiency as each country
will specialize on its forte. However, developed countries want trade barriers in order to protect their
economies. Types of barriers include: tariffs, non–tariff, discriminatory barriers, and reciprocity. The
following hypothetical will be ... Show more content on Helpwriting.net ...
Does this mean the freer the trade, the more peace we will have? Maybe so, but this agreement
involves only three countries. What happens when many countries are involved in one agreement?
The Doha round is the latest attempt to improve the economy of developing countries by lowering
trade barriers. Many countries were involved and each country wanted different things, so it was not
easy to come to an agreement. Also, if trade barriers are reduced, there would be an incentive to
compete and developed countries would have a higher competitive advantage as they would be able
to offer cheaper prices through exploitation of workers. Moreover, in order for the agreement to be
in action all of the WTO countries would have to agree. The agreement was almost impossible as
developing countries wanted to reduce trade barriers while developed countries wanted to increase
them. Agriculture was the main problem. Developed countries were asked to reduce their
agricultural subsidies, but these countries refused to do so as that action would make production
costs more expensive, thus, increasing the price of their agriculture goods. If there are no trade
barriers, the developing country will take a substantial part of the developed countries' economy.
One can argue also that the developed country will be dependent upon the developing country's

Tariffs: International Trade and Tariff
How do government tariffs impact on imported goods? What are the pros and cons of these tariff
and what are the likely future trends.
Tariff is tax that a government collects on goods coming into a country. It is a tax which is levied on
imports across national boundaries or other geographical regions and exports in a few cases (Lv,
2000). Originally, applying tariffs was first based on financial purpose, so it is a regular but most
significant source of fiscal revenue to governments. Generally, a country with strong economy and
lying in an advantageous position tends to pursue a free trade policy. At that time, the principal
function of tariffs is tax collection. By contrast, a country with weak economy and lying in a
disadvantageous ... Show more content on Helpwriting.net ...
Hence, "the supply rise of the consumption good in the world market lowers the international price
of this good and then Foreign's firms reallocate resources to the investment sector"(Lee, 2011,
p.261). Additionally, Silvia (2011) has reconstructed historical data on tariffs and trade for 23
countries based on the relationship between tariff and trade growth to demonstrate that tariffs adjust
the national economic activities through tax rate. For example, governments use tariffs as tools to
balance supply and demand, for tariffs can change structure of imports and exports to settle market
prices.
However, the empirical analysis of the relationship between tariffs and economic growth has
generated mixed results. Disagreement persists among economists on how a country's tariffs'
policies affect its economic growth rate. There are several negatives of tariffs such as damaging
interests of consumers and increasing smuggling cases. In the first place, tariffs increase the price of
imports and reduce the price of export commodities. This makes consumer face challenge and
consumers' interests may be compromised by the increasing price caused by high tariffs. Tariff
opponents argue that the costs of tariffs cannot be ignored. These costs imposed has increased
because of high tariffs imposed and consumers are forced to either buy fewer goods or spend more
on

Nafta ( North American Free Trade Agreement
NAFTA (North American Free Trade Agreement) was formed in 1994 and created one of the world's
largest free trade zones which includes Mexico, United States and Canada. NAFTA is an example of
a multilateral approach to free trade. The multilateral approach states that a country will bargain
with its trading partners to remove trade restrictions while the other countries do the same. Another
multilateral approach is GATT (General Agreement on Tariffs and Trade) which regulates
international trade. GATT is comprised of representatives of all WTO member countries. The WTO
(World Trade Organization) was established January 1, 1995 and is headquartered in Geneva
Switzerland. As of November 2015 there were one hundred sixty–two countries that were members.
The Uruguay Round was the most comprehensive international trade agreement and was finalized
December 15, 1993. "Its Final Act prescribes, among other things, that tariffs on industrial products
be reduced by an average of more than one–third, that trade in agricultural goods be progressively
liberalized, and that a new body, the World Trade Organization, be established both to facilitate the
implementation of multilateral trade agreements such as the Final Act and to serve as a forum for
future negotiations." (Fieleke, 1995) The Doha Round is the latest round of negotiations that began
November 2001. Its aim was to lower trade barriers, revise trade rules and to promote trade in
developing countries. (WTO.org) Both the

Understanding The Purpose And Framework Of Taxes, Assist
Understanding the purpose and framework of taxes, assist with the understanding of the Tariff and
quotas. Tariff is a tax placed on import goods by the government. Nevertheless, when one thinks
about additional dollars added to the retail price of a good or service, it may be discouraging.
Especially, since there is an abundance of services and goods desired by consumers– with so many
wants, our resources are scarce. Meanwhile, there is a constant debate concerning the effects of
tariff that are placed on imports and exports. Economist and scholars believe high taxes on imports
and exports can hurt the economy. Indeed, there are advantages and disadvantages concerning the
Tariff . Tariffs provide revenue for the government, and assist ... Show more content on
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Meanwhile, according to Morelock, J (2017) Tariff has a clear number of results that may be an
advantage to some parties, while being a significant disadvantage to others. Tariff have an impact on
promoting American products, when the U.S government chooses to place a tariff on an import
good, the producer can choose to reduce their price to compensate for the tariff or to pass on the cost
to the consumer. (2) increase the government revenue, the U.S. government collect revenue in order
to economically support its function. (3) discourages trade, when American consumers choose to
buy a lower–priced American product, foreign producers become disadvantaged, ultimately leading
to less trade with the U.S. Foreign producers are forced to reduce their prices to compete with
similar American products. (4) reduces consumer choice, individual consumer choice remains as one
of the greatest consumer benefits of international trade. When tariffs are placed on imported goods,
the increase prices and reduced trade prohibit individuals from all choices that could be available in
the market.
It's not difficult to visualize the possible dilemmas or disadvantages that may arise from tariffs, such
as equality, trust, and values. Therefore, global transfer pricing and business can suffer from ethical
issues. Laws and regulations should be taken seriously and professionally, while, excluding
favoritism. According to Habibullah,

The World Trade Organization Trading System
In recent years, The World Trade Organization trading system has playing a significant role in our
nations. More and more nations have taken part in this organization for gaining a great benefit from
trading between nations. WTO looks itself as a system that helps trade to flow smoothly and provide
countries with a constructive and fair outlet for dealing with disputes over trade issues (WTO,
2008). However, there is a drawback for this system such as it does not claim to be a "free market"
organization. According to the WTO, it is sometimes described as a free trade institution but that is
not absolutely correct. The system does allow tariffs and in limited circumstances and other forms of
protection. More exactly, it is a ... Show more content on Helpwriting.net ...
The role of developing countries in WTO Developing countries and especially undeveloped ones
were promised in 'Development Round' at Doha in 2001. In fact, the conference schedule became
dominated by topics and proposals of little connection and times terrifying for some groups of
growth countries particularly in Africa. As a result, in this meeting African contract has been
normally low and bending protected though some border secure have been carry off. If or when the
meeting is rescue these could be companion by a lot of aggressive attitude on bias. In term of that, it
is need to be backed by greater exploitation of the raise role of moral argument in international
political and economic talk. The worldwide economic might be effort a good things than shut in
economic. It became generally accepted in recent years including in Africa (Rodrik, 1997; Wang and
Winters, 1998; UNECA, 2004). However, this idea has become confused with the idea that the
'Doha Round' as a fixed way to greater available and will give an important opportunities for
African trade interests. The current arrangement of subject on the negotiating table in Geneva is not
a promising for get in the point to the development of African economies. This is not because more
trade would not cause of higher growth in Africa but because of African

The World Trade Organization Trading System
In recent years, The World Trade Organization trading system has playing a significant role in our
nations. More and more nations have taken part in this organization for gaining a great benefit from
trading between nations. WTO looks itself as a system that helps trade to flow smoothly and provide
countries with a constructive and fair outlet for dealing with disputes over trade issues (WTO,
2008). However, there is a drawback for this system such as it does not claim to be a "free market"
organization. According to the WTO, it is sometimes described as a free trade institution but that is
not absolutely correct. The system does allow tariffs and in limited circumstances and other forms of
protection. More exactly, it is a system of rules for committed to open fair and undistorted
competition (Promoting fair competition, 2015). This is similarity to a certain level of protection is
proved. By the fact that, cartels like the OPEC have never been involved in trade argument with the
WTO, despite the evident contrast between their objectives (Farah, Paolo Davide; Cima, Elena,
2013). The outline of the paper is as follows. In the following section, the effect of WTO rules on
developing countries will be demonstrated. Additionally, with the aim of WTO influences on trading
between countries changing in inter trade laws will be hypothesized. Moreover, the researcher will
review the role of Thailand in WTO. Finally, the researcher will give a conclusion of the

The 2012 Global Financial Crisis

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