MGCR 382 Study Guide - Midterm Guide: Execution Unit, Trade Bloc, Weighted Voting

• School: McGill University
• Department: Management Core
• Course: MGCR 382
• Professor: Nicholas Matziorinis

Document Summary

International trade organization: body created in havana, cuba in 1947 to promote international trade. Never came into being because of controversy over how extensive its powers should be. Planned mission was to take over the gatt. General agreement on tariffs and trade (gatt): an agreement to reduce barriers to international trade. Provided a forum for trade ministers to discus policies and problems of common concern. Replaced by the world trade organization in 1995. Goal: to promote a free and competitive international trading environment benefitting efficient producers. High tarrifs = major impediment to world trade, gatt first focussed on reducing the general level of tarrif protection. Most favoured nation principle: established by the gatt to ensure that internarnatiional trade was conducted on a non-discriminatory basis. Requires that any preferential treatment granted to one country must be granted to all. Eg: cutting tariffs on british trucks by usa, must cut tariffs for all countries importing trucks.