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The World Trade Organization (WTO) is an intergovernmental organization headquartered in Geneva, Switzerland that regulates and facilitates international trade. Governments use the organization to establish, revise, and enforce the rules that govern international trade in cooperation with the United Nations System. The WTO is the world's largest international economic organization, with 164 member states representing over 98% of global trade and global GDP.
The Reciprocal Tariff Act provided for the negotiation of tariff agreements between the United States and separate nations, particularly Latin American countries. The Act served as an institutional reform intended to authorize the president to negotiate with foreign nations to reduce tariffs in return for reciprocal reductions in tariffs in the United States up to 50%. It resulted in a reduction of duties. This was the policy of the low tariff Democrats in response to the high tariff Republican program which produced the Smoot–Hawley tariff of 1930 that raised rates, and sharply reduced international trade. The Reciprocal Tariff Act was promoted heavily by Secretary of State Cordell Hull.
The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as "contracting parties". The Round led to the creation of the World Trade Organization, with GATT remaining as an integral part of the WTO agreements. The broad mandate of the Round had been to extend GATT trade rules to areas previously exempted as too difficult to liberalize and increasingly important new areas previously not included. The Round came into effect in 1995 with deadlines ending in 2000 under the administrative direction of the newly created World Trade Organization (WTO).
The Geneva Round was the fourth session of General Agreement on Tariffs and Trade (GATT) multilateral trade negotiations in Geneva, Switzerland. It started in 1955 and lasted until May 1956. Twenty-six countries took part in the round. $2.5 billion in tariffs were eliminated or reduced.
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The spaghetti bowl effect is the multiplication of free trade agreements (FTAs), supplanting multilateral World Trade Organization negotiations as an alternative path toward globalization. The term was first used by Jagdish Bhagwati in 1995 in the paper: “US Trade policy: The infatuation with free trade agreements”, where he openly criticized FTAs as being paradoxically counter-productive in promoting freer and more opened global trades. According to Bhagwati, too many crisscrossing FTAs would allow countries to adopt discriminatory trade policies and reduce the economic benefits of trade.
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The World Trade Organization (WTO) is an intergovernmental organization which regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. The WTO deals with regulation of trade between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, which is signed by representatives of member governments and ratified by their parliaments. Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round (1986–1994).
Joseph Francois is a professor of international economics at the University of Bern, where he has taught since 2013. Since 2015, he is also the Managing Director of the World Trade Institute. He is co-director of the European Trade Study Group, which he co-founded in 1999. He is a research fellow of the Centre for Economic Policy Research (CEPR) and an at-large board member of the Global Trade Analysis Project (GTAP).
The Dillon Round was a multi-year multilateral trade negotiation (MTN) between 26 nation-states that were parties to the GATT. The fifth round in the GATT occurred in Geneva and lasted from May 1959 through July 1962. The talks were named after U.S. Treasury Secretary and former Under Secretary of State, Douglas Dillon, who first proposed the talks. Along with reducing over $4.9 billion in tariffs with about 4,400 item-by-item cuts, it also yielded discussion relating to the creation of the European Economic Community (EEC).
The Annecy Round was a multi-year multilateral trade negotiation (MTN) between 26 nation-states that were parties to the GATT. This second round took place in 1949 in Annecy, France. 34 countries took part in the round. The main focus of the talks was more tariff reductions, around 5,000 in total.
References
- ↑ Gerber, James (2020). International Economics, 8e (Eighth ed.). 221 River Street, Hoboken, NJ 07030: Pearson Education, Inc. p. 23. ISBN 9780136892410 . Retrieved 4 February 2024.
{{cite book}}: CS1 maint: location (link) - ↑ Deardorff, Alan V.; Stern, Robert M. (1983). "Economic Effects of the Tokyo Round". Southern Economic Journal. 49 (3): 605. doi:10.2307/1058704. JSTOR 1058704.
- ↑ Letiche, John M. (1982). "The Tokyo Round of multilateral trade negotiations (1973–79)". International Economics Policies and their Theoretical Foundations. pp. 413–439. doi:10.1016/B978-0-12-444280-1.50026-4. ISBN 9780124442801.