Pursuing free trade through WTO has many attractions. Countries bind themselves and their trading partners to transparent and non-discriminatory trade rules, which the WTO then enforces even handedly. Since most governments operate on the premise that opening domestic markets is a concession to be traded for access to foreign markets, multilateral liberalization is often the most effective route to free trade.
A successful WTO round requires two big bargains to be struck: a transatlantic deal between America and the EU and a north-south deal between the rich and the poor. Yet at Seattle this year there is a long way to go before such broad bargains can be considered, let alone struck.
America wants a few priority issues to be settled. Its list includes an extension of the duty-free status of e-commerce, a broader IT pact, reform of the WTO dispute settlements system, increased WTO transparency and the phase out of tariffs in eight sectors including chemicals, ener
A. exchange domestic markets for foreign markets
B. make concessions in foreign trade
C. adopt the most effective route to free trade
D. enforce trade policies even handedly
Pursuing free trade through WTO has many attractions. Countries bind themselves and their trading partners to transparent and non-discriminatory trade rules, which the WTO then enforces even handedly. Since most governments operate on the premise that opening domestic markets is a concession to be traded for access to foreign markets, multilateral liberalization is often the most effective route to free trade.
A successful WTO round requires two big bargains to be struck: a transatlantic deal between America and the EU and a north-south deal between the rich and the poor. Yet at Seattle this year there is a long way to go before such broad bargains can be considered, let alone struck.
America wants a few priority issues to be settled. Its list includes an extension of the duty-free status of e-commerce, a broader IT pact, reform of the WTO dispute settlements system, increased WTO transparency and the phase out of tariffs in eight sectors including chemicals, ener
A. exchange domestic markets for foreign markets
B. make concessions in foreign trade
C. adopt the most effective route to free trade
D. enforce trade policies even handedly
World Trade Organization (WTO) is an international body that promotes and enforces the provisions of trade laws and regulations. 46)The World Trade Organization has the authority to administer and police new and existing free trade agreements, to oversee world trade practices, and to settle trade disputes among member states. The WTO ’was established in 1994 when the members of the General Agreement on Tariffs and Trade ( GATT), a treaty and international trade organization, signed a new trade pact. The WTO was created to replace GATT.
The WTO began operation on January 1, 1995. GATT and the WTO coexisted until December 1995, when the members of GATT met for the last time. Although the WTO replaced GATT. the trade agreements established by GATT in 1994 are part of the WTO agreement. However, the WTO has a significantly broader scope than GATT. GATT regulated trade in merchandise. 47)The WTO expanded the GATT agreement to include trade in services, such as
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