Reference no: EM13743608

1. Discuss the background issues leading to the GATT negotiations immediately following WWII. Why did the Soviet Union and its allies not participate, and why did the US not ratify the initial agreement? Why was trade in agricultural products and services not included? Go on to discuss the dual principles of "free" and "fair trade, and the success at implementing these goals through the first six "Rounds",

2. in the last half-century there have been three additional rounds of GATT/WTO negotiations. Discuss the achievements and failures of each of these rounds, and summarize.

3. The relationship between the less-developed-countries (LDC's) and the developed countries (DC's) in the evolution of international trade has always been a bit strained. Discuss this relationship, including policies adopted and/or advocated by each group to "help" the LDC's. How successful have these policies and/or advice been?

4. What is meant by an "effective" rate of tariff and give an example of how this works. Given that expansion of multinational companies has been rapid in the last half-century, discuss the impact(s) that this has made on effective tariff rates arid therefore, trade. How could a tariff on an "intermediate" good in production be self-defeating?

5. Given the problems facing any further liberalization of trade at the global (WTO) level "regional" partnerships -often just bilateral- have become increasingly popular, especially since they are allowed within WTO rules. Explain the standard economic methodology typically applied to evaluate gains and losses from such a partnership. Go on to discuss. the evolution of the world's most developed customs union, the EU, including the specific arguments for creating the single currency (the Euro), and problems which have and/or potentially could arise.