World Trade Organization (WTO) is the multilateral trading system created with the purpose of supervising and liberalizing international trade.
WTO regulation of trade between member countries.
It is also responsible for enforcing trade laws, agreements and resolving disputes
Free-Trade / Fair Trade -- From the 20th Century to 21st CenturyMichael Woods
On April 22, 2016, Michael Woods gave a presentation on the North American Free Trade Agreement (NAFTA) at the Inaugural Conference on International Inter-Tribal Trade at the Faculty of Law at the University of Oklahoma. The conference was organized with the assistance and hard work of the Citizen Potawatomi Nation, the Mohawk Council of Akwensase, the Chickasaw Nation, the Law Faculties of the University of Oklahoma and Thompson River University and Donna William. Woods, LaFortune LLP joined other firms including Luksi Group LLC, Berkey Williams LLP, Garwill Law Professional Corporation as participants.
Review of international and transboundary agreements and policies on pastoralismExternalEvents
Jonathan Davies from the International Union for Conservation of Nature (IUCN) presented a study on transboundary mobility of pastoralists at the Partner's Meeting of the Pastoralist Knowledge Hub on April 3, 2017 at FAO in Rome, Italy.
Free-Trade / Fair Trade -- From the 20th Century to 21st CenturyMichael Woods
On April 22, 2016, Michael Woods gave a presentation on the North American Free Trade Agreement (NAFTA) at the Inaugural Conference on International Inter-Tribal Trade at the Faculty of Law at the University of Oklahoma. The conference was organized with the assistance and hard work of the Citizen Potawatomi Nation, the Mohawk Council of Akwensase, the Chickasaw Nation, the Law Faculties of the University of Oklahoma and Thompson River University and Donna William. Woods, LaFortune LLP joined other firms including Luksi Group LLC, Berkey Williams LLP, Garwill Law Professional Corporation as participants.
Review of international and transboundary agreements and policies on pastoralismExternalEvents
Jonathan Davies from the International Union for Conservation of Nature (IUCN) presented a study on transboundary mobility of pastoralists at the Partner's Meeting of the Pastoralist Knowledge Hub on April 3, 2017 at FAO in Rome, Italy.
Basic information about the World Trade Organization (WTO). Establishment, evolution and formation of the final act in 1994. The Result of Uruguay Round negotiation for a multilateral Trading System.
World Trade Organization - functions, principles and trade agreements
Case Studies include USA vs Mexico (Tuna), USA vs ASIA (Shrimp) and USA vs EU (Poultry)
WORLD TRADE ORGANIZATION COMPLETE DETAILS RELATED TO WTO Gaurav Purohit
COMPLETE NOTES ON WORLD TRADE ORGANIZATION COVERING LOGO AND WTO IM NUTSHELL, SOME FACTS RELATED TO WTO, FUNCTIONS OF WTO, OBJECTIVES, NEED AND STRUCTURE
This ppt is all about the world trade organization, Its Role, its existence and all its functions, It also includes the structure of WTO.So kindly go through it and comment below how u liked it.
Basic of business and commerce
Business: The term business has been taken from word busyness which means being busy. It refers to organized efforts of an enterprise to produce and supply consumers with goods and services for a profit.
It refers to any human productive and economic activity which lead to earning profit.
Business Activity = Production + Distribution of goods and services for earning profit.
Production refers to producing/manufacturing/converting raw material into semi-finished & finished products. Mainly this activity takes place in industry/factory.
Distribution= Refers to the placement or delivery of products to customers/ consumers.
Business studies is an academic subject taught in schools and at a university level in many countries. Its study combines elements of accountancy, finance, marketing, organizational studies and operations.
Basic information about the World Trade Organization (WTO). Establishment, evolution and formation of the final act in 1994. The Result of Uruguay Round negotiation for a multilateral Trading System.
World Trade Organization - functions, principles and trade agreements
Case Studies include USA vs Mexico (Tuna), USA vs ASIA (Shrimp) and USA vs EU (Poultry)
WORLD TRADE ORGANIZATION COMPLETE DETAILS RELATED TO WTO Gaurav Purohit
COMPLETE NOTES ON WORLD TRADE ORGANIZATION COVERING LOGO AND WTO IM NUTSHELL, SOME FACTS RELATED TO WTO, FUNCTIONS OF WTO, OBJECTIVES, NEED AND STRUCTURE
This ppt is all about the world trade organization, Its Role, its existence and all its functions, It also includes the structure of WTO.So kindly go through it and comment below how u liked it.
Basic of business and commerce
Business: The term business has been taken from word busyness which means being busy. It refers to organized efforts of an enterprise to produce and supply consumers with goods and services for a profit.
It refers to any human productive and economic activity which lead to earning profit.
Business Activity = Production + Distribution of goods and services for earning profit.
Production refers to producing/manufacturing/converting raw material into semi-finished & finished products. Mainly this activity takes place in industry/factory.
Distribution= Refers to the placement or delivery of products to customers/ consumers.
Business studies is an academic subject taught in schools and at a university level in many countries. Its study combines elements of accountancy, finance, marketing, organizational studies and operations.
Summary of Market Structures
Market structure is the interconnected characteristics of a market, such as the number and relative strength of buyers and sellers, degree of freedom in determining the price, level and forms of competition, the extent of product differentiation and ease of entry into and exit from the market
Monopolistic Competition
Definition: Monopolistic competition is the market structure where a large number of firms that produce differentiated products which are close substitutes for each other.
In other words, large sellers selling the products that are similar, but not identical and compete with each other on other factors besides price
The monopolistic competition combines elements of both monopoly and competition. Since each firm sells a differentiated product, it has some control over the price at which it sells its output.
Monopoly Competition
Monopoly (from the greek “mónos”, single, and “polein”, to sell) is a form of the market structure of imperfect competition, mainly characterized by the existence of a sole seller and many buyers. This kind of market is normally associated with the entry and exit barriers.
In economics, a monopoly refers to a firm which has a product without any substitute in the market. Therefore, for all practical purposes, it is a single-firm industry.
A monopoly is a firm that supplies all of the output in a market.
Perfect Competition
Market structure is the interconnected characteristics of a market, such as the number and relative strength of buyers and sellers, degree of freedom in determining the price, level and forms of competition, extent of product differentiation and ease of entry into and exit from the market
Market & Market Structure
“Market is an area or atmosphere of potential exchange”
~Philip Kotler
“Market is not a geographical meeting place but as any getting together of buyers and sellers, in person, by mail, telephone, telegraph and Internet or any other means of communication”
~ Prof. Mitchel
The input of Elasticity in Decision Making
The concept of price elasticity of demand has important practical applications in managerial decision-making.
Uses of price elasticity can be pointed out as below:
Price fixation
Price discrimination
Public utility pricing etc....
Elasticity of Supply
The elasticity of supply can be defined as “the degree (measure) of responsiveness in quantity supplied to a change in price”.
It is also defined as the percentage change in quantity supplied divided by percentage change in price.
It represents the rate of change in quantity supplied due to a change in its own price.
Elasticity of supply can be defined as “the degree (measure) of responsiveness in quantity supplied to a change in price”.
It is also defined as the percentage change in quantity supplied divided by percentage change in price.
It represents the rate of change in quantity supplied due to a change in it’s own price.
Cross Price Elasticity of Demand
The cross elasticity of demand measures the responsiveness of the quantity demanded a good to a change in the price of another good.
If the cross elasticity is negative, the commodities are compliments.
If the cross elasticity is positive, the commodities are said to be substitutes.
Income Elasticity of Demand
Income is an important variable affecting the demand for a good.
When there is a change in the level of income of a consumer, there is a change in the quantity demanded of a good, other factors remaining the same.
Elasticity of Demand
Law of demand explains the directions of changes in demand. A fall in price leads to an increase in quantity demanded and vice versa.
But it does not tell us the rate at which demand changes to change in price.
The concept of elasticity of demand was introduced by Marshall.
This concept explains the relationship between a change in price and the consequent change in quantity demanded.
Nutshell, it shows the rate at which changes in demand take place.
Market Equilibrium
Equilibrium is a situation in which opposing forces balance each other. Equilibrium in a market occurs when the price balances the plans of buyers and sellers.
The equilibrium price is the price at which the quantity demanded equals the quantity supplied.
The equilibrium quantity is the quantity bought and sold at the equilibrium price.
Price regulates buying and selling plans.
Price adjusts when plans don’t match.
Supply and its concept
If a firm supplies a good or service, then the firm
1. Has the resources and the technology to produce it,
2. Can profit from producing it, and
3. Has made a definite plan to produce and sell it.
Resources and technology determine what it is possible to produce. Supply reflects a decision about which technologically feasible items to produce.
The quantity supplied of a good or service is the amount that producers plan to sell during a given time period at a particular price.
Determinants of demand
The demand for a product is influenced by a number of factors. Determinants of demand (also called factors affecting demand) are the factors which cause the demand curve to shift.
Exceptions to the Law of Demand
A normal demand curve falls downward from left to right. The basic feature of the demand curve is negative sloping
But sometimes the demand curve may slope upward from left to right. In other words, it may have a positively inclined curve.
These phenomena may due to:
Giffen paradox
Veblen or Demonstration effect.
Ignorance.
Speculative Effect.
Fear of Shortage.
Necessaries
Brand Loyalty
Festival, Marriage etc.
The slope of the demand curve
The demand curve generally slopes downward from left to right.
It has a negative slope because of the two important variables price and quantity work in the opposite direction.
The fundamental reasons for the demand curve to slope downward are as follows:
Law of Diminishing Marginal Utility
Law of Equi-Marginal Utility
Income Effect
Substitution Effect
Demand
In economics “Demand” means the quantity of goods and services which a person can purchase with a requisite amount of money.
“Demand means the various quantities of goods that would be purchased per time period at different prices in a given market.
Islamic Economic System
Islam is a complete code of life. It is not only concerned with the spiritual upliftment of human beings, it is equally concerned about their material and physical well-being. Islam guides its followers in financial and economic matters, in social and political affairs, and also in moral and personal spheres of human life.
"Whatever is in the heavens and the earth belongs to Allah." (2:284)
Allah is the owner of the whole universe. It is in this capacity that He has allowed us to own theblessings of this world by saying,
"He has created for you whatever that is in the earth."(2:29)
However, Islam also wants to prevent the excessive accumulation of wealth in the hands of a few peopleso the society may not fall into two classes: one is overstuffing, while the other is starving.
The Qur'an justifies the concept of tax by saying:
"...so that (the wealth) may not become a monopoly of the rich among you." (59:7)
Islam has prohibited
Usury (Riba), Interest
Hoarding
Speculation
Insurance
Overtrading
Sale without possession (Calf in the womb, Fishes in Ponds etc.)
Securing profits by exploiting the immoral desires of people etc.
Socialism:
Collective ownership and democratic control of the material means of production by the workers and the people
Socialism is a term applied to an economic system in which property is held in common and not individually, and relationships are governed by a political hierarchy. Common ownership doesn't mean decisions are made collectively, however. Instead, individuals in positions of authority make decisions in the name of the collective group.
Socialists argue that socialism would allow for wealth to be distributed based on how much one contributes to society, as opposed to how much capital one holds.
Mixed Economy
Any economy in which private corporate enterprises and public sector enterprises exist side-by-side, and decisions taken through market mechanism are supplemented by some form of partial planning, is to be described as a mixed economy.
This system overcomes the disadvantages of both the market and planned economic systems.
Provides a clear demarcation of the boundaries of the public sector and private sector so that the core sector and strategic sectors are invariably in the public sector.
The government intervenes to prevent undue concentration of economic power and monopolistic and restrictive trade practices
The rights of the individual are respected and protected subject only to the requirements of public law and order and morality
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
3. “ LUCK IS WHAT HAPPENS WHEN PREPARATION
MEETS OPPORTUNITY ”
4.
5. • World Trade Organization (WTO) is the
multilateral trading system created with the
purpose of supervising and liberalizing
international trade.
• WTO regulation of trade between member
countries.
• It is also responsible for enforcing trade laws,
agreements and resolving disputes
6. Formation - 1 January 1995
Headquarters - Geneva, Switzerland
Membership – 164 Countries (April -2017)
Official language – English, French, Spanish
Budget - 209 million US$ (2011)
Staff- 640
D. G. Roberto Azevedo
Fundamental Legal Document- Marakkesh Agreement
Profile of WTO
8. “ WE ARE NOT MAKERS OF HISTORY. WE ARE
MADE BY HISTORY ”
9. • The Bretton Wood Conference, formally
known as the United Nations Monetary and
Financial Conference.
• The conference was held from July 1–22,
1944. The agreements were signed to
established the:
10. • General Agreement on Trade and Tariff (GATT)
- Temporary Agreement on multilateral tariff
reductions until the ITO was formed.
- It was signed by 23 countries in January 1948.
- This Temporary agreement provided the basis for the
international trading system for 47 years.
- Limited to removal of Tariff in the trade of Goods.
- Trade in Agriculture and Textile was excluded from
GATT.
11.
12. • WTO was born with the conclusion of
Marrakesh Agreement in the Uruguay Round
of Multilateral Trade Negotiations in 1994.
• The WTO came into existence on 1 January
1995, with a membership of 128 countries.
13. • GATT dealt with only Tariff barriers but by 1970s
Non-Tariff Barriers has also started increasing.
• GATT dealt with trade in Goods. But by 1980s
Developed countries started having comparative
advantage in trade in services.
14. Grand Bargain (WTO)
Developed Countries
Agreed to include Trade in
Agriculture and Textile under
WTO with some exceptions
Developing Countries
Allowed inclusion of Service
and Intellectual Property
Right Under WTO
15. • Reciprocity (Mutual lowering of trade barriers)
• Most Favored Nation (MFN) –No discrimination.
• National Treatment
17. • Singapore, 9-13 December 1996
• Geneva 18-20 May 1998
• Seattle, Nov 30- Dec 3, 1999
• Doha, 9-13 November 2001
• Cancun, 10-14 September 2003
• Hong Kong, 13-18 December 2005
• Geneva, 30 November - 2 December 2009
• Geneva, 15-17 December 2011
• Bali, 3-6 December 2013
• Nairobi, 15-19 December 2015
• Buenos Aires, 11-14 December 2017
18. • Apply for membership
• Work Individually with WTO
• Drafts Membership Terms
• Finally the Decision
19.
20. • The transition from GATT to WTO basically represents
the transition in interests of developed world.
• WTO Dictates policies
• It is the pool of powerful lobbies.
• The WTO crushes over labor and human rights.
• WTO policies are widening the gap between the rich
and poor.
• The WTO is anti-environment.
• The WTO rules undermine public health.
21. • The WTO helps promote peace.
• The WTO allows disputes to be handled
constructively.
• A WTO based on rules rather than power .
• Makes life easier for all.
• Freer trade cuts the cost of living.
• It gives consumers more choice and a broader range of
qualities to choose from.
• Trade raises incomes.
• Trade stimulates economic growth and that can be
good news for employment
• The basic principles make the system economically
more efficient, and they cut costs.
22. Difference between WTO and GATT
GATT
Agreement
Provisional Basis
Tariff Barriers in trade of
Good
Week dispute settlement
WTO
Organization
No Provisional Application
Tariff and Non-Tariff
Barriers in goods and
services
Strong dispute settlement
It also provides a framework for negotiations and formalizations of trade agreements.
The Marrakesh Agreement, manifested by the Marrakesh Declaration, was an agreement signed in Marrakesh, Morocco, by 124 nations on 15 April 1994, marking the culmination of the 12-year-long Uruguay Round and establishing the World Trade Organization, which officially came into being on January 1, 1995.
D.G Roberto Azevedo is Brazilian, from sept-2013.
Last country join WTO is Yemen — 26 June 2014
Pakistan Join WTO 1 Jan 1995
It is designed to play the role of a watchdog in the spheres of trade in goods, trade in services, foreign investment, intellectual property rights, etc. Article III has set out the following five functions of WTO;
Trade Negotiations: Setting up a platform to reach consensus on rules of international trade.
Implementation and Monitoring: It requires countries to make their trade policies more transparent and in cohesion with the international agreements. It puts mechanisms in place to ensure compliance.
Dispute Settlement: It acts as a neutral body which would act as an dispute settlement institution to resolve conflicts between nations.
Building Trade Capacity: WTO uses its considerable resources to build trade capacity of developing countries.
Outreach: Maintains communication with NGOs and other organizations to receive inputs and disseminate information regarding its workings.
EXTRA
To set and enforce rules for international trade,
To provide a forum for negotiating and monitoring further trade liberalization
To resolve trade disputes
To cooperate with other major international economic institutions involved in global economic management,
To help developing countries benefit fully from the global trading system.
To expand and utilize world resources to the best;
the General Agreement on Tariffs and Trade (GATT), was established afterWorld War II in the wake of other new multilateral institutions dedicated to international economic cooperation – such as the World Bank and the International Monetary Fund. A comparable international institution for trade, named the International Trade Organization never started as the treaty was not approved by the U.S. and other signatories,[17][18][19] and so GATT slowly became a de facto international organization.[
It was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial order after the conclusion of World War II.
The conference was held from July 1–22, 1944. Agreements were signed that, after legislative ratification by member governments, established the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF), and also there was proposal of Multilateral organization by name International Trade Organization (ITO).
A draft agreement was prepared at Havana Conference in 1948 for the establishment of ITO , this was called Havana Charter it was signed by 53 out of 56 countries.
In order to get implemented. Havana charter was required to ratified by American Congress (Parliament ).
In 1950 America made it clear that it will not ratify the agreement. So ITO could not implemented.
The GATT was created when the ITO was in process.
It was not an organization but an agreement.
It was continued till the formation WTO and its participating countries were not called members but “Contracting Parties”.
Tariff : a tax or duty to be paid on a particular class of imports or exports.
Trade in Agriculture and Textile was excluded from GATT, it was the strategy to make remain the developing countries in the area of developing countries, because these two (Agriculture and Textile) were the production house of the developing countries, that’s they exclude it from GATT.
Service Trade example i.e. revolution of IT occur in 1980, Internet, that’s why the developed countries tried to include service in international trade because it there comparative advantage.
Suppose developed countries providing internet service, may be developing countries halt that service or impose too much tax, that's why they include services in international trade.
The WTO is also called grand bargain.
Bargain is settlement of transaction between parties.
Reciprocity- Mutual lowering of trade barriers, thus countries that lowered their tariffs could expect their trading partners to do the same. If one country is reducing its tariff for other country so that country must reduce the tariff for that country. Example; If Pakistan reduces its trade barriers (both tariff and non tariff barriers) for China, then China must do the same. Its called reciprocity.
MFN- The MFN principles holds that the tariff preference granted to one state must be granted to all others in other words there could be no “favored nation” among members. If a country declare any country in their trade policy that it is her “Most Favored Nation” lets suppose Pakistan declare India as its MFN and said that any goods from India will be tariff imposed maximum 20%. So if any country gives status of MFN to any country. So she must behave as same with all the members. So Pakistan has to do with all.
National Treatment- National treatment means that foreign goods are treated equally with domestic goods, and that countries are not able to enact such policies that give their domestic product any advantage over foreign product. It means if in any country the foreign good is imported and like same good is also in the their domestic market so it country has treat foreign good as its domestic good.
The Ministerial Conference (MC) is at the top of the structural organisation of the WTO. It is the supreme governing body which takes ultimate decisions on all matters. It is constituted by representatives of (usually, Ministers of Trade) all the member countries. It requires to meet once in two years.
The General Council (GC) is composed of the representatives of all the members. It is the real engine of the WTO which acts on behalf of the MC. It also acts as the Dispute Settlement Body as well as the Trade Policy Review Body, which constantly reviews the trade policies of each member county. The General Council Delegates divided in to three other bodies.
Goods Council it deals with goods related trade
Intellectual Property Council it deals with intellectual property
Services Council deals with services
Goods Council
How to join the WTO: the accession process Any state or customs territory having full autonomy in the conduct of its trade policies may join (“accede to”) the WTO, but WTO members must agree on the terms. Broadly speaking the application goes through four stages:
First, “tell us about yourself”. The government applying for membership has to describe all aspects of its trade and economic policies that have a bearing on WTO agreements. This is submitted to the WTO in a memorandum which is examined by the working party dealing with the country’s application. These working parties are open to all WTO members.
Second, “work out with us individually what you have to offer ”. When the working party has made sufficient progress on principles and policies, parallel bilateral talks begin between the prospective new member and individual countries. They are bilateral because different countries have different trading interests. These talks cover tariff rates and specific market access commitments, and other policies in goods and services. The new member’s commitments are to apply equally to all WTO members under normal non-discrimination rules, even though they are negotiated bilaterally. In other words, the talks determine the benefits (in the form of export opportunities and guarantees) other WTO members can expect when the new member joins. (The talks can be highly complicated. It has been said that in some cases the negotiations are almost as large as an entire round of multilateral trade negotiations.)
Third, “let’s draft membership terms”. Once the working party has completed its examination of the applicant’s trade regime, and the parallel bilateral market access negotiations are complete, the working party finalizes the terms of accession. These appear in a report, a draft membership treaty (“protocol of accession”) and lists (“schedules”) of the member-to-be’s commitments.
Finally, “the decision”. The final package, consisting of the report, protocol and lists of commitments, is presented to the WTO General Council or the Ministerial Conference. If a two-thirds majority of WTO members vote in favour, the applicant is free to sign the protocol and to accede to the organization. In many cases, the country’s own parliament or legislature has to ratify the agreement before membership is complete.
The WTO tramples over labor and human rights. WTO agreements forbid the regulation of a product based on the way it is produced, regardless if the product was made with child labor or by workers exposed to toxic chemicals. A Government Accounting Office study found that the U.S. law banning products made with forced labor violates WTO rules.
WTO policies are widening the gap between the rich and poor. The UN Development Program's Human Development Report for 1999 states: "The top fifth of the world's people in the richest countries enjoy 82% of the expanding export trade and 68% of foreign direct investment, while the bottom fifth get barely more than 1 percent. These trends reinforce economic stagnation and low human development."
The WTO is anti-environment. The WTO is being used by corporations to dismantle hard won environmental protections. In 1993, the very first WTO panel ruled against a regulation of the U.S. Clean Air Act, which had required both domestic and foreign producers alike to produce cleaner gasoline.
The WTO rules undermine public health. The WTO's fierce defense of intellectual property rights (patents, copyrights and trademarks) comes at the expense of health and human lives. The WTO's support of pharmaceutical companies against governments seeking to protect people's health has serious implications for places like sub-Saharan Africa, where 80 percent of the world's new AIDS cases are found.
Advantages, such as:
Lower prices for consumers. Removing tariffs enables us to buy cheaper imports
Free trade encourages greater competitiveness. Firms face a higher incentive to cut costs. For example, a domestic monopoly may now face competition from foreign firms.
Law of comparative advantage states that free trade will enable an increase in economic welfare. This is because countries can specialize in producing goods where they have a lower opportunity cost.
Economies of scale. By encouraging free trade, firms can specialize and produce a higher quantity. This enables more economies of scale, this is important for industries with high fixed costs, such as car and airplane manufacture.
Free trade can help increase global economic growth.
Disadvantages of WTO
However, the WTO has often been criticized for ignoring the plight of the developing world.
It is argued the benefits of free trade accrue mostly to the developed world.
Free trade may prevent developing economies develop their infant industries. For example, if a developing economy was trying to diversify their economy to develop a new manufacturing industry, they may be unable to do it without some tariff protection.
GATT
Just a multilateral treaty, an agreement.
Contracting parties
Applied on provisional basis Protocol for provisional application means different provisions for different countries . If any provision violates that country law then it can be flexible according their law, GATT give grandfather’s right to its parties (countries). Every country has freedom to not implement any provision in his country if it violates any law of that country.
GATT concerned with Tariff Barriers in trade of Goods.
Very weak dispute settlement Mechanism
WTO
An Organization
WTO has members
No Provisional Application, No Grandfather’s Right. All the principles are followed by all there members if it violates their law or not, change your law.
Non-Tariff Barriers, trade in service, Intellectual Property Rights (Intangible goods).
Strong Dispute Settlement Mechanism.