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(WTO)
WTO = About
WTO = Agreements
Its a set of rules At its heart are the WTO
agreements, negotiated and signed by the
bulk of the worlds trading nations. These
documents provide the legal ground-rules for
international commerce.
They are essentially contracts, binding
governments to keep their trade policies
within agreed limits.
Intro www.wto.org
International Organisation: January 1, 1995 the
WTO replaced the GATT (128 countries)
WTO Membership: 159 (incl.: EU Commisison
negotiates, 48 LDCs)
Secretariat: 550 staff members, headed by a
Director General, based in Geneva
Director General
History Highlights
1947 October 23 countries sign the General Agreement on Tariffs and Trade
(Gatt) in Geneva, Switzerland.
Objective to boost trade liberalisation.
1986-93 Gatt trade ministers launch the Uruguay Round, embarking on the
most ambitious and far-reaching trade round so far.
The round extended the range of trade negotiations, leading to
major reductions in agricultural subsidies, an agreement to allow
full access for textiles and clothing from developing countries, and
an extension of intellectual property rights.
1995 - The WTO is created in Geneva.
Whereas GATT had mainly dealt with trade in goods, the WTO
and its agreements now cover trade in services, and intellectual
property.
History Highlights
2001 December China formally joins the WTO.
Taiwan is admitted weeks later.
2011 December Russia joins the WTO after 18 years
negotiating its membership.
Switzerland brokered a deal to persuade Georgia to lift its
veto, which it had imposed after the 2008 Russo-Georgian
war.
Organisation
The World Trade Organization (WTO) is the only
global international organisation dealing with the
rules of trade between nations.
At its heart are the WTO agreements, negotiated
and signed by the bulk of the worlds trading
nations and ratified in their parliaments.
The goal is to help producers of goods and
services, exporters, and importers conduct their
business.
Becoming a Member
Becoming a WTO member requires
compliance with the WTO rules in force and
negotiations with the existing members on the
acceding countrys commitments.
These negotiations are concluded when there
is a decision taken by the WTO Ministerial
Conference.
Intro ctd.
Ministerial Conferences
o Bali, 3-6 December 2013
o Geneva, 15-17 December 2011
o Geneva, 30 November - 2 December 2009
o Hong Kong, 13-18 December 2005
o Cancn, 10-14 September 2003
o Doha, 9-13 November 2001
o Seattle, November 30 December 3, 1999
o Geneva, 18-20 May 1998
o Singapore, 9-13 December 1996
Main Activities 1
o negotiating the reduction or elimination of obstacles to trade (import
tariffs, other barriers to trade) and agreeing on rules governing the
conduct of international trade (e.g. antidumping, subsidies, product
standards, etc.) Doha Development Round)
o administering and monitoring the application of the WTO's agreed rules
for trade in goods, trade in services, and trade-related intellectual
property rights
o monitoring and reviewing the trade policies of members, as well as
ensuring transparency of regional and bilateral trade agreements Trade
policy Review Mechanism
o settling disputes among our members regarding the interpretation and
application of the agreements. A dispute arises when a member
government believes another member government is violating an
agreement or a commitment that it has made in the WTO. See Dispute
Settlement and cases
General Council
o A General Council conducts the organization's business in
the intervals between Ministerial Conferences.
o The General Council also meets as the Dispute
Settlement Body and as the Trade Policy Review Body.
o All three are in fact the same the Agreement Establishing the WTO
states they are all the General Council, although they meet under different
terms of reference. Again, all three consist of all WTO members. They
report to the Ministerial Conference.
EU and WTO
WTO Perspectives
Perspective
Focus
Economics
International law
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Politics
Business
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Peoples Perspective
Business leaders from over 30 countries have today issued a statement calling on
governments to conclude a new multilateral deal to cut customs bureaucracy at
this weeks World Trade Organization Ministerial Conference in Bali.
In an open letter to the Financial Times, the CEOs and Chairmen of more than 80
international companies headed by ICCs Chairman, Harold McGraw
emphasized that a trade facilitation deal could boost global GDP by upwards of 3%.
Over the past three weeks, officials from around the world have been locked in
round-the-clock negotiations to hammer out a final deal which could be finalized
at this weeks ministerial.
The letter, which was released at the initiative of ICC, calls on trade ministers in
Bali to get the deal done and secure the first multilateral trade agreement in
almost two decades. The business leaders wrote: All trade ministers should
consider what this would mean for businesses in their respective economies. A
robust WTO deal would enable many companies to trade internationally for the
first time, particularly as the Internet opens up new market opportunities for
small- and medium-sized companies.
So
Is the country you are planning to export to
a WTO member? Yes
Is your country? Yes
Soyou are entitled to have your
products entering the market against the
lowest tariff
And once on the market.
No Discrimination
National treatment: Treating foreigners and locals equally
Imported and locally-produced goods should be treated equally
at least after the foreign goods have entered the market. The
same should apply to foreign and domestic services, and to foreign
and local trademarks, copyrights and patents.
No Discrimination
This principle of national treatment (giving others the same
treatment as ones own nationals) is also found in all the three
main WTO agreements (Article 3 of GATT, Article 17 of GATS and
Article 3 of TRIPS), although once again the principle is handled
slightly differently in each of these.
Freer Trade
Lowering trade barriers is one of the most obvious means of encouraging trade. The
barriers concerned include customs duties (or tariffs) and measures such as import
bans or quotas that restrict quantities selectively.
From time to time other issues such as red tape and exchange rate policies have
also been discussed.
Freer Trade
Since GATTs creation in 1947-48 there have been eight rounds of trade
negotiations. A ninth round, under the Doha Development Agenda, is now
underway.
But by the 1980s, the negotiations had expanded to cover non-tariff barriers on
goods, and to the new areas such as services and intellectual property.
Opening markets can be beneficial, but it also requires adjustment. The WTO
agreements allow countries to introduce changes gradually, through progressive
liberalization. Developing countries are usually given longer to fulfil their
obligations.
So
Business becomes easier, cheaper, faster
Less transaction costs, increases
companies competiveness
But investigate specific arrangements!
Predictability.
Through:
o Binding: when countries agree to open their markets for goods or
services, they bind their commitments. A country can change its
bindings, but only after negotiating with its trading partners, which
could mean compensating them for loss of trade.
o Transparency: clear and publicly available trade rules. The regular
surveillance of national trade policies through the Trade Policy
Review Mechanism provides a further means of encouraging
transparency both domestically and at the multilateral level.
Predictability.
o Governments want to offer
o A stable and
environment
o Which helps
opportunities
predictable
business
in
business
assessing
So
Business becomes less risky
So
Level playing field of competition.
But also realise that countries/EU have
their own competition laws (which you as a
company cannot neglect)
Through the WTO, the EU also seeks to promote sustainable development in trade,
such as:
The Everything But Arms initiative where all imports from the world's poorest
countries enter the EU free of import duties or quotas, with the exception of
armaments
Aid for Trade Aid for Trade is assistance to support developing countries' efforts to
expand their trade as a tool to help growth and reduce poverty.
So
Opportunities for businesses from less
developed countries
MNCs can profit more from cheaper
production in LDCs and Aid for Trade
investments
Conclusion