World trade organisation, Microeconomics

WORLD TRADE ORGANISATION (WTO):

The International Trade Organisation (ITO), originally, was proposed to be set up along with the World Bank and the IMF on the recommendations of the Brettonwoods Conference, 1944. But as the ITO could not be set up, the US, UK and a few other countries set up  in 1947 an interim organisation about trade named GATT (General Agreement on Tariff and Trade). The GATT was biased in favour of the developed countries and was called informally as the "rich men's club". The developing countries insisted on setting up of the ITO; the move came to be opposed by the US. To solve the issue - the UN appointed a Committee in 1963. The Committee recommended as a possible alternative a via media, UNCTAD (United Nations Conference on Trade and Development). The UNCTAD was set up in 1964 on the basis of this alternative. The UNCTAD could manage to get some concessions for the developing countries, more important among which was the GSTP (General Scheme for Trade Preferences). GATT was also made progressively more liberal. 

The Uruguay Round of GATT sought to expand the scope of the organisation by including, services, investment and intellectual property rights. The Uruguay Round proposals were accepted by all the members of GATT in December, 1993. The agreements were ratified by the legislatures of 85 member-countries by year-end 1994. On such rectification, the WTO started functioning from January 1, 1995. 

 

Posted Date: 11/15/2012 1:23:21 AM | Location : United States







Related Discussions:- World trade organisation, Assignment Help, Ask Question on World trade organisation, Get Answer, Expert's Help, World trade organisation Discussions

Write discussion on World trade organisation
Your posts are moderated
Related Questions
A monopolist faces the following demand function for its product: Q = 45 - 5P The fixed costs of the monopolist are $12 and the variable costs are $5 per unit. a) What are the

What would be a factor that would make the prospects hopeful for overcoming the demand for resources in the future

if the inverse demand curve is p=120-Qand the marginal cost is constant at 10, how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welf



Use two market diagrams to explain how an increase in state subsidies to public colleges might affect tuition and enrollments in both public and private colleges.

I need to write an essay about industrial and labour relations ( at most 5 pages ) Deadline is in a month. I would like to know if your tutor can do that and how much it costs.

#queIn a particular year, an organization earns cash revenues of Rs. 2,00,000. Total material and labour expenses are Rs. 1,09,000. The depreciation claimed on the equipment is Rs.

Question 1 Identify the basic postulates of economics Question 2 Discuss the role of price mechanism Question 3 Explain the shape and application of Engel curve

Equity: The proportion of a company's total assets which are "owned" outright by the company's owners. A company's equity is equivalent to its value less its debt owed to bankers,