Transnational nstitutions and World Trade o General agreement on Tariffs and trade (GATT World Trade Organization (WTO) International Monetary Fund(IMF) World bank Regional Institutions Copyright 2001 by Harcourt, Inc. All rights reserved
Copyright © 2001 by Harcourt, Inc. All rights reserved. 2-6 Transnational Institutions and World Trade General Agreement on Tariffs and Trade (GATT) World Trade Organization (WTO) International Monetary Fund (IMF) World Bank Regional Institutions
General Agreement on Tariffs and Trade GATT focused on reducing prevailing high tariffs Was a able to reduce tariff from 26 to 5%US) Flow trade via bilateral trade agreement voluntary trade restraints undermined GAT GaTT didn't cover services The Uruguay round N , each member country of the Gatt must grant Most-Favored Nation(MFN) clause every member country the most favorable treatment it accords to any other country with respect to imports and exports Copyright 2001 by Harcourt, Inc. All rights reserved
Copyright © 2001 by Harcourt, Inc. All rights reserved. 2-7 General Agreement on Tariffs and Trade GATT focused on reducing prevailing high tariffs. -Was a able to reduce tariff from 26 to 5% (US) -Flow trade via bilateral trade agreement, voluntary trade restraints undermined GATT -GATT didn’t cover services -The Uruguay Round Most-Favored Nation (MFN) clause • “… each member country of the GATT must grant every member country the most favorable treatment it accords to any other country with respect to imports and exports
World Trade Organization (WTO)1995 General Agreement on Trade in Services(GATS Trade-related aspects of intellectual property rights (TRIPS, Trade-related investment measures (TRIMS Problems around wto Environmentalists concern Labor union s fear Developed nations concern Countries may lose their sovereignty -Positive expectations More expansion for MNC and Global Violators of trade agreement, trade secrets and copy rights can be punished Copyright 2001 by Harcourt, Inc. All rights reserved
Copyright © 2001 by Harcourt, Inc. All rights reserved. World Trade Organization (WTO) 1995- • General Agreement on Trade in Services (GATS) • Trade-related aspects of intellectual property rights (TRIPS) • Trade-related investment measures (TRIMS) -Problems around WTO – Environmentalist’s concern – Labor union’s fear – Developed nations’ concern – Countries may lose their sovereignty -Positive expectations – More expansion for MNC and Global – Violators of trade agreement, trade secrets and copy rights can be punished