Evaluation of the wto, Microeconomics

Assignment Help:

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.  

 


Related Discussions:- Evaluation of the wto

Specialization and trade, • If Mary uses all her resources to produce hats,...

• If Mary uses all her resources to produce hats, she can produce 48 hats an hour. • If she uses all her resources to produce apple pies, she can make 24 apple pies an hour. how

Hi, I have an assignment need to be done

I have an assignment need to be done

Growth, During a given interval a nation''s overall productivity grows at a...

During a given interval a nation''s overall productivity grows at a compounded rate of 2%. Its population growth rate and degree of labor-force participation do not change over thi

Microeconomics help, Review: Full, Anonymous: No Answer each of the follo...

Review: Full, Anonymous: No Answer each of the following questions using economic theory covered in this lesson. 1. Marginal revenue product is defined as the change in total

Optimization, Andrew has preference given by: u(x,y) = min{2x, 3y} The pri...

Andrew has preference given by: u(x,y) = min{2x, 3y} The price for good x and good y are identical and equal to 4. At his optimal consumption bundle he achieves a utility of 90. W

Law of cardinal utility approach, ??????? ??? ???? ??? # 100 ?????? #Minimu...

??????? ??? ???? ??? # 100 ?????? #Minimum ?????? ?????

Can you explain about counterfactual, Q. Can you explain about Counterfactu...

Q. Can you explain about Counterfactual? The ‘base case' or counterfactual is a statement of what could have happened without policy intervention, or if the policy intervention

Market income and socialism, Q. Market Income and Socialism? Market Inc...

Q. Market Income and Socialism? Market Income: A household's total pre-tax income obtained from its activities in formal economy, including salaries andwages, investment income

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd