Professional Documents
Culture Documents
Section: 03
Fall 2013
Oct 20, 2013
L10
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Roles of WTO, IMF and similar IOs
1.
2.
Until 1994, the main concerns of GATT rounds were to check dumping
and unethical practices
In Uruguay Round Agreement (1986-1994), it was considered to increase
the coverage of GATT to legal provisions and establishment of an
institution like World Trade Organization (WTO)
WTO
Formed in 1995 with GATT with the objective to help producers of good and
services, exporters and importers conduct their businesses internationally.
The only global organization that deals with the rules of trade between
nations.
The arguments for WTO:
WTO
Formed in 1995 with GATT with the objective to help producers of good and
services, exporters and importers conduct their businesses internationally.
The only IO that deals with the rules of trade between nations.
The arguments for WTO:
1. Disputes are settled officially
2. WTO rules are consumer friendly
3. Free trade cuts the costs of many goods
4. WTO provides more choice of products
The arguments against WTO:
1. WTO dictates the terms
2. Free trade at any cost attitude
3. Small producers find it difficult to compete
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