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Global Trade Institutions and Agreements

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McGill University
GEOG 216
Geraldine Akman

Global Trade Institutions and Agreements Krugman: Key Terms - GATT: General Agreement on Trade and Tariffs, WTO: World Trade Organisation - GATT: ad hoc series of agreements reduced regulation, tariffs, quotas (not an organisation) - WTO: 1995, evolved fr/GATT - Uruguay Round (1986-1994)  end: decided to create WTO (1995) - GATS: General Agreement on Trade and Services, TRIPS: intellectual property rights - Most Favored Nation - US gives this status to nat if going to get WTO a deal - Nat pays minimum tariff, others nat that don’t have this status charged diff tariff - Customs union vs. Free trade area - Customs union: EU, grp nats common tariff policy (no tariffs b/w nats) - Free trade area: NAFTA, grps of nats agreed to trade rules b/w ea/other H: diff trade policy w/rest of the world - WTO dispute resolution - If nat not following free trade agreement  nat can go to WTO + demand resolution  Goes to panel of experts appointed by WTO  Passes down decision fairly quickly  Possibility of appeal, but decision generally allows hurt nat to impose trade sanctions Protection - Tariffs: percent tax on goods entering nat (do this b/c want to encour loc indus) - Quotas: only going to allow certain amount products to come into nat - Worse than tariffs, more restrictive of trade - WTO tries to convert quotas into tariffs, over time try push tariff down - Export subsidies: US, Cda, Eur subsidize agricul, built into trade agreements - Non-tariff barriers: laws nats enact about restric quality of certain products - Local policies meant to protect local population - Domestic laws that inhibit trade  Food safety  Product standards
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