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

Production, Factors that determine the volume of side of production

Factors that determine the volume of side of production

Uses and habit forming commodity -price elasticity of demand, Uses and Habi...

Uses and Habit Forming Commodity -price elasticity of demand: The number of possible uses : A commodity has high price elasticity of demand (or elastic demand) if it can be p

Aggregate demand, Aggregate Demand When referred to in the circumstanc...

Aggregate Demand When referred to in the circumstance of GNP or GDP, aggregate demand dealings the sum of what is spent by various parties in the United States for product and

State intervention in an economy, Problem 1: The last half-century has ...

Problem 1: The last half-century has witnessed major changes in the role that governments of developing countries have played, especially in terms of public spending. (a) Ex

Discuss the short-run cost-output relations, Micro Economics 1. Discuss...

Micro Economics 1. Discuss the short-run cost-output relations. 2. Write a short note on pure competition. 3. Describe excess profit criterion. 4. Discuss the vario

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

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

Whata are the non-renewable resource, How does the approach of someone who ...

How does the approach of someone who has adopted the precautionary principle differ from someone with a blind faith in substitutability, when it comes to a non-renewable resource l

Incidence tax, If the inverse demand curve is p=120-Q and the marginal cost...

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

Regression methods, This is a very common methods of forecasting demand. Un...

This is a very common methods of forecasting demand. Under this methods a relationship is established between quantity demanded( dependent variable) and independent variables such

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