INTB 1209 Lecture Notes - Lecture 2: International Monetary Fund, Doha Development Round, Most Favoured Nation
27 Jan 2016
School
Department
Course
Professor
Document Summary
Global institutes are international organizations and their relation to international trade is the topic of discussion. Some of the main global institutes are as listed below: Wto consists of 156 countries, was formed by gatt in 1995. Each country has a vote in deciding trading rules. A change in established wto rules or implementation of new rules can be processed only by a unanimous vote, thus granting every country a veto power. Some of the major aspects of wto are: (1) any member country can grant all other wto members most favored nation (mfn) Countries that possess mfn status from a member country enjoy lowest tariff rates among all countries engaged by the said member country. (2) wto instructs the practice of non-discrimination between domestic goods & import from wto members. World trade organization performs two key functions: a) b) Developing countries want to see more liberalization in agriculture than the other forums as opposed to the developed countries.
