Export from a European and a global perspective - Trade policies and the European Union - Free trade policy
7 important questions on Export from a European and a global perspective - Trade policies and the European Union - Free trade policy
What is free trade policy?
International trade is carried out entirely according to the laws of supply and demand.
What are the advantages of free trade policy?
- Effecient competition --> technological innovation
- No measures are taken (e.g. tariffs or fees) that can lead to a trade war
- International stabilization and recognition of prices, countries and organizations
- The rules of the game are known internationally
What are the disadvantages of free policy trade?
- The theory ignores the stages of the economic cycles of the countries. It also ignores the difference in culture and religion.
- The theory sets great store by the effects of comparative costs and no allowance is made for the limitations of these effects.
- Developing countries argue that international free trade discriminates against them (developing countries are for instance forced to specialize in agriculture and western countries specialize in technology; this will increase the gap between rich and poor).
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What was the most important treaty in which the policy of free trade was laid down?
GATT (General Agreement on Tariffs and Trade)
What was the GATT's objective?
Name three tasks of the WTO.
- Check adherence to the GATT treaty
- Provide new stimuli to negotiations which have not yet been completed
- To initiate various trade-related policies (regarding investments, competition and labour standards)
What is an important task of the WTO? In doing this, what role does it takes on?
The question on the page originate from the summary of the following study material:
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- Never study anything twice again
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- 100% sure, 100% understanding
