GMS 724 Chapter Notes - Chapter 7: Asean Free Trade Area, Preferential Trading Area, Most Favoured Nation
15 May 2015
School
Department
Course
Professor
Document Summary
Economic integration: the political and monetary agreements among nations and world regions in which preference is given to member countries. Bilateral integration: two countries decide to cooperate more closely together, usually in the form of tariff reductions. Regional integration: a group of countries located in the same geographic proximity decide to cooperate. Global integration: countries from all over the world decide to cooperate through the world trade. The world trade organization (wto) is the successor to the general agreement on. Tariffs and trade (gaat: it is also the major body for reciprocal trade negotiations, enforcement of trade agreements. Gatt: formed in 1947 to abolish quotas and reduce tariffs, succeeded by the wto in 1995. Most favoured nation (mfn) clause: trade without discrimination. Doha round: commenced in doha, qatar where negotiations were established through rounds. The wto is criticized for: failing to pay enough attention to labor and environmental concerns, undermining global diversity, benefitting rich at the expense of the poor.
