WORLD TRADE ORGANIZATION
(WTO)
Objective: To research and identify the role the WTO plays in the overall development of Global/International Commerce.
What is required?
1. Research the website and answer the following Questions regarding the World Trade Organization (WTO). Google the WTO
Answer the following questions:
1. What is the WTO?
Organization for world trade opening. It is a global dissection and negotiate trade agreements.
2. What are the functions of the WTO?
• Administering WTO exchange assentions
• Forum for exchange arrangements
• Handling exchange debate
• Monitoring national exchange approaches
• Technical support and preparing for creating nations
• Cooperation with other worldwide
3. Where is the WTO located?
Geneva, Switzerland
4. What is the total number of membership countries?
5. Define what does the term Most Favored Nation mean?
A level of status given to one country by another and enforced by the World Trade Organization. A country grants this clause to another nation if it is interested in increasing trade with that country. Countries achieving most favored nation status are given specific trade advantages such as reduced tariffs on imported goods.
6. What does ‘Comparative Advantage' mean?
The ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins.
7. Briefly discuss what was meant by the organization referred to as The General Agreement on Tariffs and Taxes (GATT)?
A bargain made after the finish of World War II. The General Agreement on Tariffs and Trade (GATT) was actualized to further control world exchange to helper in the monetary recuperation taking after the war. GATT's fundamental target was to lessen the hindrances of global exchange through the decrease of duties, standards and sponsorships.
8. Discuss what was accomplished with the Uruguay Round?
It secured all exchange, from toothbrushes to delight watercrafts, from saving money to information transfers, from the qualities of wild rice to AIDS medications.
9. List the three areas that apply to the Agriculture Agreement?
10. What does ‘dumping' mean? What options do countries have to counter dumping according to the WTO guidelines?
In worldwide exchange, the fare by a nation or organization of an item at a value that is lower in the outside business than the cost charged in the local business. As dumping ordinarily includes significant fare volumes of the item, it regularly has the impact of jeopardizing the monetary reasonability of makers or makers of the item in the importing country. Dumping is likewise an informal term that alludes to the demonstration of offloading a stock with little respect at its cost.
11. Settling Disputes:
a. Define the term - unique contributions?
b. Define the term - panel process?
c. Discuss what the case study (Venezuela vs. United States) was about. What
was the central issue of the dispute? How was this dispute resolved?
• Type
• Do not use a cover page
• Failure to turn in on due date will result in a penalty of ten points