Word trade organisation

The WTO -  The world trade organization

GATT agreement = 1945

General Agreement on Tariffs & Trade

Set up in 1995 WTO

2018: over 160 members

              160 members countries

2001 watershed (point de bascule)

China joined WTO in 2001

Headquarters: Geneva

Director: General Roberto Azevêdo

1. It encourages multilateral global exchanges and tries ton ensure that trade flows as greely, smoothly and predictably as possible.

2. It’s a forum for debate on the rules of word trade.

3. It fights unfair practices (protectionism, subsidies, red tape, tariff + non-tariff barriers,   counterfeiting)

4. It settles trade disputes

5. It carries out research + collects information

b

WTO FOR +++

→ Provides rules: without it world trade would be under “rule of the jungle”

→ Increased exchanges have brought economic growth which have lead to reduced poverty .

→ Fewer conflicts/ wars if countries are good business partners.

→Try to promote environment friendly rules

→ They can sanction “unfair practices”

The WTO can condemn practices, or it can fine countries. There is also the possibility of embargos or sanctions…

WTO Against - -

December 2017 : Summit Buenos Aires

→ The WTO promotes multilateral global exchanges which means business + finance are highly interconnected and so fragile a crisis can have a knock on effect.

→ States are influenced by powerful lobbies when they vote by powerful lobbies when they vote.

→ Threat to individual countries sovereignty

We must remember the cost of growth – environmental cost and human cost (sweatshops)

→ Dec 2017 Summit Buenos Aires couldn’t agree on stopping subsides for illegal fishing

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