BSLW1021 Lecture Notes - Lecture 14: North American Free Trade Agreement, National Treatment, Dispute Settlement Body
Document Summary
Smoot hartley tariff protectionist: import tax to protect domestic economy (failed) After wwii want to get along and move towards idea of free trade so there won"t be a world war again. General agreement on tariffs and trade 1947: about international trade in physical goods, liberalize world trade, move toward world trade, through multilateral organizations, idea of free trade reduce tariffs. Let everyone benefit from what their country does well: reduce nontariff barriers to trade (anything else that hinders trade, rounds of negotiation. Gats: general agreement on tariffs and services. Wto oversees gatt, gats: provides the forum for trade negotiation, monitors which countries are following the rules, dispute settlement understanding and dispute settlement body. Complain to this body if they feel someone is not following the rules. Tries to get the countries to work it out on their own. If that doesn"t work then they get neutral judges to determine if they are violating the rules.
