GEOG 130 Lecture Notes - Lecture 22: Multilateral Investment Guarantee Agency, Multilateral Trade Negotiations, General Agreement On Tariffs And Trade
29 Apr 2019
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Document Summary
Established in 1948 when the general agreement on tariffs and trade (gatt) was ratified. They are the ones in the negotiations. They are ones creating the agreement, everyone else must follow suit. The only global international organization dealing with rules of trade between nations. Goal is to ensure that trade flows as smoothly, predictably and freely as possible. Based on a formula that takes each member"s share of international trade into account. Value of merchandise trade has increased from billion to ,500. Trade has risen by 20% in services. Over 20 countries are looking to joining. Basic principle is that members work to: Treat all countries the same in matters of trade. National treatment: all countries have to agree to upholding two liberal and unexceptional principles: All countries must treat foreign investment in their economy the same as domestic firms. Any concession granted to one trading partner of the wto is extended to all.
