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Introduction to the global economy - Essay Example
Author : kirk46
Pages 10 (2510 words)
The World Trde Orgniztion (WTO) hs become the orgniztion pr excellence for deling with interntionl trde. The trnsformtion of the Generl greement on Triffs nd Trde (GTT) into the WTO ws nturl phenomenon tht ccompnied profound chnges in the interntionl economic scene…
The WTO greements ssist the ctivities of trnsntionl enterprises, the principl plyers in globliztion, nd the Uruguy Round confirmed this liberliztion. From the Genev Round in 1947 to tht of the Uruguy Round in 1986-1994, the level of triffs pplied to industril products hs fllen from 40 per cent to 3.8 per cent, nd the reduced triffs tht hve been consolidted hve fcilitted the estblishment of trnsntionl economy.
In the following pper I will further discuss the importnt of GTT nd WOT for interntionl trde. The nlysis will include historicl bckground of orgniztions followed by explntion of GTT replced by WTO nd generl results of such trnsformtion nd concluded by the short nd long term consequences of WTO's running.
The GTT hs been clled "remrkble success history of post-wr interntionl orgniztion tht ws never intended to become one" (Grhm, 1983: 124). It strted out in 1947 s set of rules to ensure nondiscrimintion, trnsprent procedures, the settlement of disputes nd the prticiption of the lesser-developed countries in interntionl trde. To increse trde, GTT used triffs concessions, through which member countries greed to limit the level of triffs they would impose on imports from other GTT members. ...