GMS 400 Lecture Notes - Lecture 5: World Trade Organization, Common Agricultural Policy, Closer Economic Relations

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 400
• Professor: Dale Carl

Document Summary

Tariffs: (often called custom or import duties) taxes on imported goods, traditionally used to protect local industries. May also be used bilaterally to compensate for export subsidies e. g. against agricultural products from the eu. These are legally recognized by the wto, and do not affect the most favoured nation tariff requirements. Common market: no internal tariffs, free movement of labour and banking, and common tariffs for exports from outside countries (eu). Customs union: no internal tariffs, common tariffs for imports from outside the union, but no immigration, capital, or labour agreements (mercosur). Free trade area: no internal tariffs (in principle), but each member has its own tariff rates for imports from non-members (nafta). See website: www. eurunion. org or http://europa. eu/ for eu history and common policies toward technical standards, labour regs, taxation, social and monetary regulations. Iceland, norway, switzerland, and liechtenstein are not members. Other former eastern european countries and turkey will join within 10 years.