Wto

WTO

1World Trade Organization

Introduction

Erasing national, political boundaries for the purpose of business can be termed as globalization

Integration of the economy of the country with world economy

International Monetary Fund, International Bank for Reconstruction & Development, General Agreement on Tariffs & Trade – initiated

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World Trade Organization

General Agreement on Tariffs & Trade (GATT)

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Introduction

Prolonged recession before World War II in west was due to protectionism followed by industrial countries

Led to negotiations in 1947 among 23 countries

To prevent protectionist policies & revive economies from recession

Negotiations resulted in GATT

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Objectives of GATT5


Establishment of WTO

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WTO

India is one of the founder members of WTO

GATT was not an organization, but was only a legal agreement

WTO – designed to play the role of watchdog in the spheres of trade in goods, trade in services, foreign investment, intellectual property rights

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Functions of WTO8


World Trade without Discrimination

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Organization Structure of WTO Based on 4 Hierarchical levels: Ministerial Conference General Council Councils Committees & Management Bodiess

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Ministerial Conference:

Highest level

Authority to make decisions on all matters

Meets at least once in 2 years

Policy & strategy making body

& gets it executed & implemented by next level

Organization Structure of WTO

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General Council: Executive body

Reports to Ministerial Conference

All members of WTO are also representatives in General Council

Has other forms: Dispute Settlement Body Trade Policy Review Body



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Councils:

Council for trade in goods

Council for trade in services

Council for Trade Related Aspects of Intellectual Property Rights



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Committees: & Management Bodies: Committee on trade & development Committee on BOP Committee on budget, finance & admin


Dispute Settlement Mechanism of WTO


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Powerful mechanism to solve disputes over trade among the member countries

WTO & Dumping Measures


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Types of Dumping: Intermittent Dumping

Persistent Dumping

Predatory dumping

India & Dumping


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After globalization, Indian economy govt – reduced rates of customs duties

Indian govt started MFN clause to the imports from various countries

These factors led to dumping from China & East Asian Countries


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Goods dumped Indian Market are nt only China but also Est Asian Countries:

Soaps & computer parts – Thailand Chocolates – Malaysia Instant coffee mix – Singapore Glassware & Crockery – Indonesia Tea – Sri Lanka Tiles – Taiwan

India & Dumping


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Ease of import regulations main reason for dumping in India

India & Dumping

Ministerial Conferences of the WTO


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I ministerial Conference of WTO


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9th December 1996 – Singapore

128 member countries

Highlights of this meeting: Observance of internationally recognised

core labour stds

Effectiveness & credibilty of dispute settlement mechnism


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Decision taken to organize meeting with UN conference on Trade & Development (UNCTAD), aid agencies & other organizations to help the least developed countries

Negotiations on basic telecommunications were to be completed by February 1997

To establish a working group to examine the relationship between trade & investment.

This working group will study the issues raised by members relating to interaction between trade & competition policy


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Working group to study on transparency in govt procurement practices

II ministerial Conference of the WTO


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18th to 20th May, 1998 – Geneva – 132 member Important decisions: Setting mechanism to ensure proper

implementation of existing multilateral agreements

Accepting open & transparent rule-based trading system

Expanding global trade, creating more jobs & raising living stds of the people in the world

III Ministerial Conference of the WTO


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December 3, 1999 – Seattle – 135 member

Meeting was a failure as developing nations jointly protested against the lack of transparency &

Imposition of the views of the rich countries on the poor counties in the negotiations

Trade ministers of Latin America & other countries demanded transperency, openness & participation of all members.

Or else wont join hands to provide consensus


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Criticized – WTO cared little for the views of the Asian, African & Latin American countries

Objective was to review the working of WTO in last five years & decide on agenda for a new round of talks at millennium round

III Ministerial Conference of the WTO


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Doha, Qatar during 9-13, November 2001

142 member countries

3 documents finally adopted at this conference, which will open the way for further liberalization of the trade

Includes:

IV Ministerial Conference of the WTO


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Reductions in industrial tariffs

Phasing out of agriculture export subsidies

Promoting the trade in services

Special treatment for developing countries

Working group will focus on clarification of core principles, transparency, non discrimination, procedural fairness, etc – related to trade & competition policy



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Negotiations on setting up of a multilateral agreement on transparency in govt procurement

Agreed to reach an agreement by May 2003, regarding clarification of the dispute settlement understanding



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10th – 14th September 2003 @ Cancun, Mexico

146 countries

Failure as developing countries jointly opposed the high agricultural subsidies in USA & EU countries

V Ministerial Conference of the WTO

TRIPS & TRIMS


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