POLI 243 Chapter Notes - Chapter 2: World Trade Organization, Most Favoured Nation, Classical Liberalism
8 Feb 2017
School
Department
Course
Professor
Document Summary
Chapter 2 the world trade organization and the world trade system. Wto: the world trade organization (wto) is an intergovernmental organization which regulates international trade, functions. It oversees the implementation, administration and operation of the covered agreements. It provides a forum for negotiations and for settling disputes. Market liberalism: provides the economic rationale for the trade system. It asserts that an open, or liberal, international trade system raises the world"s standard of living. Nondiscrimination: second core principle of the multilateral trade system. It ensures that each wto member faces identical opportunities to trade with other wto member. It prohibits governments from using trade policies to provide special advantages. Generalized system of preferences: enacted in the late 1960s, the gsp allows the advanced industrialized countries to apply lower tariffs to imports from developing countries that they apply to the same goods coming from other advanced industrialized countries.
