Evaluation of the wto, Microeconomics

Evaluation of the WTO:

The WTO is different from and an improvement over the GATT in the following respects: 

•  The WTO is more global in its membership. 

•  The WTO has introduced commercial activities into the multilateral trading system. 

•  While the GATT had 'contracting parties'. WTO has 'members' and is a legal organisation. 

•  GATT provisions in case of disputes were time-consuming. GATT could levy penalties only through unanimous decisions, which were virtually impossible. Under WTO, unanimous are no longer desired; all disputes are to be settled within 18 months. 

•  WTO has one-country one-vote principle, unlike in the World Bank and IMF where the economic strength of rich countries translates into a voting majority. 

•  Even if developing countries differ on specific issues, they can make a difference if even a few of them stand firm. 

•  Both big and small developing countries no longer accept decisions taken behind closed door by a group of select countries.  

 

Posted Date: 11/15/2012 1:32:56 AM | Location : United States







Related Discussions:- Evaluation of the wto, Assignment Help, Ask Question on Evaluation of the wto, Get Answer, Expert's Help, Evaluation of the wto Discussions

Write discussion on Evaluation of the wto
Your posts are moderated
Related Questions
FACTORS RESPONSIBLE FOR POLICY FAILURES: It is the subject of many official and academic studies to try and find out the reasons for the inability of many, in fact, most of th

What are the factors that producers in the society may take into consideration when deciding on the what to produce,how to produce and for whom ?

Identify the four institutional requirements of markets. The four institutional needs of markets are:  Pprivate property, Social institutions of trust, Good physical i

The issue I like to discuss is the ‘US Mortgage Delinquency'. The Mortgage Delinquency may be defined in simple term as the ‘repeated failure to make loan repayment on time'. The d

RECENT DEVELOPMENT OF DEMAND THEORY:  The basic theory of consumer behaviour discussed in the previous unit can be extended in many directions, and can be applied to cover opt

contrast the longrun equilibrium positions of monopolistic competition firm and oligopoly

How has the Haberler''s theory of opportunity cost an improvement over the classical theory of trade

COST benefit analysis Costs that are applicable in the project and the benefits that are associated with it are as follows: Risk occurs at different levels. It takes pl

Zac consumes only pizza and chianti. He consumes these goods in fixed proportions: 2 slices of pizza for one glass of chianti. His income is $100 per week. a. Derive demand func

meaning and characteristics of plural sense and singlural