International cooperation: The Bretton Woods Institutions - The World Trade Organisation - The mandate of the World Trade Organization

13 important questions on International cooperation: The Bretton Woods Institutions - The World Trade Organisation - The mandate of the World Trade Organization

Definition World Trade Organization

A global institution with as its main goal to liberalize trade

The World Trade Organization was founded in 1944 and is the success of... Name 3

- General Agreement on Tariffs and Trade - GATT
- General Agreement on Trade in Services - GATS
- Trade Related aspects of Intellectual Property Rights - TRIPS

What principles have the GATT, GATS and TRIPS in common? Name 4

  1. No discrimination to trade
  2. Lowering trade barriers
  3. Fair competition
  4. Encouraging developing countries
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Most-favored nation principle

MFN means that foreign businesses should be treated equally

National treatment principle

Means that foreign and domestic businesses should be treated equally

How can Fair Competition be distorted

- Discrimination
- Trade barriers
- Countries that subsidize their domestic markets

What is the ultimate goal of the WTO

To realize a global economy that is founded on free trade

The WTO facilitates Dispute Settlement
At any stage of a dispute settlements procedure, negotiation and diplomacy are moest important, if needed with the help of other WTO members. This could be through:  name 3

  • Good office
  • Conciliation
  • Mediation

Of what 3 parties does a dispute settlement procedure potentially consist of?

  1. Consultation
  2. Panel report
  3. Appeal procedure

Define the Consultation in the settlement procedure

The conflicting parties have a 'cooling down period' of 60 days before they are allowed to present their case to the dispute settlement body

Define the Panel Report in the settlement procedure

A panel composed of well-qualified governmental and/or non-governmental individuals write a report with their findings about the case. The report may be adopted by the Dispute Settlement Body. Together with the consultation period, the procedure takes up to one year

Define the Appeal procedure in the settlement procedure

An appellate body is installed, which has the authority to uphold, modify or reverse the legal findings and conclusions of the panel. Together with the previous proceedings, this process takes up to 1 year and three months

By who is the WTO governed

- Ministerial Conference
- The General Council
- The director- General

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