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History Bretton Woods System:
John Maynard Keynes and Harry Dexter White at the Bretton Woods Conference – both economists being strong advocates of a liberal international trade environment, recommended the establishment of three institutions: The International Monetary Fund (IMF) for fiscal and monetary issues.
2.The World Bank for financial and structural issues. 3.The International Trade Organization (ITO) for international economic cooperation. The Bretton Woods Conference had introduced the idea for an organization to regulate trade as part of a larger plan for economic recovery after World War II. As governments negotiated the ITO, 15 negotiating states began parallel negotiations for the GATT as a way to attain early tariff reductions & ensure a stable trade and economic world environment. Once the ITO failed in 1950, only the GATT agreement was left.
GATT: The GATT (typically abbreviated GATT), which was then signed in 1947, is a multilateral agreement regulating trade among about 150 countries. According to its preamble, the purpose of the GATT is the “substantial reduction of tariffs and other international trade barriers, the elimination of preferences, reduction of tariff barriers, quantitative restrictions & subsidies on trade thru a series of agreements, on a reciprocal and mutually advantageous basis.” By then, GATT was a treaty, not an organization. The history of the GATT can be divided into three phases: 1.From 1947 until the Torquay Round, largely concerned which commodities would be covered by the agreement and freezing existing tariff levels.
2.From 1959 to 1979 encompassing three rounds, focused on reducing tariffs. From 1986 to 1994 consisting only of the Uruguay Round, extended the agreement fully to new areas such as tariff, intellectual property, services, capital, investment measures & agriculture.
The Uruguay Round, which was completed on December 15, 1993 after seven years of negotiations, resulted in an agreement among 117 countries (including the U.S.) to reduce trade barriers and to create more comprehensive and enforceable world trade rules. The agreement coming out of this round, the Final Act Embodying the Results of the Uruguay Round of Multilateral Trade Negotiations, was signed in April 1994. The Uruguay Round agreement was approved and implemented by the U.S. Congress in December 1994, and went into effect on January 1, 1995. WTO: This agreement also created the World Trade Organization (WTO), which came into being on January 1, 1995. The WTO implements the agreement, provides a forum for negotiating additional reductions of trade
The goal is to help producers of goods and services. conducting rounds of talks addressing various trade issues and resolving international trade disputes. & enforces trade rules. negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. information technology products. and financial services. Since the end of the Uruguay Round. 5 . The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. Until the establishment of the WTO. there have been negotiations on topics such telecommunications services. GATT functioned de facto as an organization. At its heart are the WTO agreements.barriers & for settling policy disputes. exporters. and importers conduct their business.
Head: Pascal Lamy (Director-General). Switzerland. Budget: 182 million Swiss francs for 2007. Created by: Uruguay Round negotiations (1986-94).Fact File Location: Geneva. 6 . Established: 1st January 1995. Secretariat staff: 625. New member: Oman. 151 countries (on 27 July 2007). Membership: Countries on map.
The WTO now provides a permanent institutional framework for the multilateral trading system. the dispute settlement mechanism has been considerably strengthened in the WTO.Difference between WTO & GATT For several decades. 7 . it was without a permanent institutional framework. However. Like the GATT. it also covers trade in services and trade-related aspects of intellectual property rights. Also. the WTO covers trade in goods. It has its own Secretariat. & was serviced by a provisional Secretariat. the General Agreement on Tariffs and Trade was applied on a provisional basis Although it operated like a permanent agreement.
GATT and WTO trade rounds Duratio Count Subjects Achievemen Name Start n ries covered ts Signing of GATT.000 tariff Gene April 7 23 Tariffs concessions va 1947 months affecting $10 billion of trade Annec April 5 13 Tariffs Countries y 1949 months exchanged 8 . 45.
9 billion of world trade Tariff Tariffs.Septe Torqu mber ay 1950 8 months 38 Gene va II Janua ry 1956 5 months 11 months 26 Septe Dillon mber 1960 26 Kenne May dy 1964 Tokyo Septe mber 1973 37 months 74 months 62 102 some 5. worth more "framewor than $300 k" billion 9 . cutting the 1948 tariff levels by 25% Tariffs.000 tariff concessions Countries exchanged some 8. concessions Antiworth $40 dumping billion of world trade Tariffs. Tariff non-tariff reductions measures.700 tariff Tariffs concessions . $2.5 billion admission in tariff of Japan reductions Tariff concessions Tariffs worth $4.
leading to . major agricultur reductions e. an agreement to allow full access for textiles & clothing from developing countries. creation in tariffs of WTO. trade dispute negotiations settlement . (about 40%) etc and agricultural subsidies. and services.Urugu Septe ay mber 1986 87 months 123 agreemen dollars ts achieved Tariffs. textiles. creation of rules. The round non-tariff led to the measures. & an extension of intellectual 10 . WTO. extended intellectua the range of l property.
transpare ncy. not yet competitio concluded.property rights. n. patents etc Nove Doha mber 2001 ? 141 Formal Structure According to WTO rules. all WTO members may participate in all councils. Highest level: Ministerial Conference: The topmost decision-making body of the WTO is the Ministerial Conference. committees. which has 11 . labor standards. investmen t. agricultur e. etc. except the Appellate Body. Dispute Settlement panels. and plurilateral committees.. Tariffs. environme The round is nt. non-tariff measures.
12 . It brings together all members of the WTO. the Dispute Settlement Body. 1. The council acts on behalf on the Ministerial Council on all of the WTO affairs. The General Council. It has representatives (usually ambassadors or equivalent) from all member governments and has the authority to act on behalf of the ministerial conference which only meets about every two years. Mr. and the Trade Policy Review Body.to meet at least every two years. the WTO’s highestlevel decision-making body in Geneva. Second level: General Council: The daily work of the ministerial conference is handled by three groups: the General Council. usually represented by ambassadors or equivalent. Bruce GOSPER (Australia).E. all of which are countries or separate customs territories. The Dispute Settlement Body is made up of all member governments. The Ministerial Conference can make decisions on all matters under any of the multilateral trade agreements. The current chairman is H. 2. All three consist of the same membership — representatives of all WTO members — but each meets under different rules. meets regularly to carry out the functions of the WTO.
Third level: Councils for Trade: The Councils for Trade work under the General Council. 13 . Mr. & Council for Trade in Services — each council works in different fields. 3. is Amb. Council for TradeRelated Aspects of Intellectual Property Rights. The current chairperson. six other bodies report to the General Council reporting on issues such as trade & development. regional trading arrangements & administrative issues. The current chairperson is H. There are three councils — Council for Trade in Goods. 1. Mr. are the responsibility of the Council for Trade in Goods. The WTO General Council meets as the Trade Policy Review Body (TPRB) to undertake trade policy reviews of Members under the TRPM.E. environmentalism. as of 200702-13.The current chairperson is H. Council for Trade in Goods — The workings of the General Agreement on Tariffs and Trade (GATT) which covers international trade in goods. The TPRB is thus open to all WTO Members. It is made up of representatives from all WTO member countries. Yonov Frederick Agah (Nigeria). Apart from these three councils. Mario MATUS (Chile).E. Yonov Frederick AGAH (Nigeria).
It has 11 committees consisting of all member countries. Council for Trade in Services — The Council for Trade in Services operates under the guidance of the General Council and is responsible for overseeing the functioning of the General Agreement on Trade in Services (GATS). subsidies. 3. market access. State Trading Enterprises.2. It is open to all WTO members. & details of the WTO’s work with other international organizations in the field. Committees include the following: • • Information Technology Agreement (ITA) Committee. news & official records of the activities of the TRIPS Council. and can create subsidiary bodies as required. dealing with specific subjects such as agriculture. The Goods Council — subsidiary under the Council for Trade in Goods. antidumping measures & so on. 1. Fourth level: Subsidiary Bodies: There are subsidiary bodies under each of the three councils. Council for Trade-Related Aspects of Intellectual Property Rights — Information on intellectual property in the WTO. 14 .
3. Finance & Administration. o Regional Trade Agreements. o Balance of Payments Restrictions. Dispute Settlement panels & Appellate Body. debt and finance. Working groups on o Trade. o Trade & Development (Subcommittee on Least-Developed Countries). Working parties on o Accession. 15 .• • Textiles Monitoring Body — Consists of a chairman & 10 members acting under it. o Budget. domestic regulations & other specific commitments. 2. Groups dealing with notifications — process by which governments inform the WTO about new policies &measures in their countries. The Services Council — subsidiary under the Council for Trade in Services which deals with financial services. Other committees: • • • Committees on o Trade & Environment.subsidiary under the Dispute Settlement Body to resolve disputes and the Appellate Body to deal with appeals.
These processes have been regularly criticized by many of the WTO's developing country members which are often totally excluded from the negotiations. when they occur in other countries. Such negotiations are often called "Green Room" negotiations (after the colour of the WTO Director-General's Office in Geneva). and relative market size is the primary source of bargaining power. WTO negotiations proceed not by consensus of all members. but by a process of informal negotiations between small groups of countries. 16 . and the tendency for final agreements to use ambiguous language on contentious points that makes future interpretation of treaties difficult. The WTO operates on a one country. one vote system. In reality. but actual votes have never been taken.o Trade & technology transfer. Main disadvantages include large time requirements and many rounds of negotiation to develop a consensus decision. Decisionmaking is generally by consensus. or "Mini-Ministerials". The advantage of consensus decision-making is that it encourages efforts to find the most widely acceptable decision.
Features The WTO is an international organization designed to supervise & liberalize international trade. There are a number of ways of looking 17 .
The bulk of the WTO's current 18 . Since 1948. Born in 1995. It’s a negotiating forum. The second WTO ministerial meeting. & is the successor to the GATT. It operates a system of trade rules. included a celebration of the 50th anniversary of the system. It’s a forum for governments to negotiate trade agreements. The WTO was born out of negotiations. The WTO began life on 1 January 1995. The first step is to talk. The WTO came into being on January 1. held in Geneva in May 1998. It’s a place for them to settle trade disputes. the WTO is a place where member governments go. Essentially. the GATT had provided the rules for the system. to try to sort out the trade problems they face with each other.at the WTO. but its trading system is half a century older. 1995. The WTO deals with the rules of trade between nations at a global or near-global level. The WTO is the most powerful legislative & judicial body in the world. & everything the WTO does is the result of negotiations. It is operating since five years as an international organization. which was created in 1947. but not so young.
Agreements. negotiated & signed by the bulk of the world’s trading nations. binding governments to keep their trade policies within agreed limits. under the “Doha Development Agenda” launched in 2001 It’s a set of rules. exporters. the goal is to help producers of goods & services. The WTO is currently the host to new negotiations. The most harmonious way to settle these differences is through some neutral procedure based on an agreed legal foundation. These documents provide the legal ground-rules for international commerce. including those painstakingly negotiated in the WTO system. Trade relations often involve conflicting interests. 19 . often need interpreting.work comes from the 1986-94 negotiations called the Uruguay Round & earlier negotiations under the GATT. while allowing governments to meet social and environmental objectives. They are essentially contracts. It helps to settle disputes. At its heart are the WTO agreements. & importers conduct their business. That is the purpose behind the dispute settlement process written into the WTO agreements. Although negotiated & signed by governments. This is a third important side to the WTO’s work.
all decisions are made by the member governments. who is appointed by the Ministerial Conference. Functions The WTO's stated goal is to improve the welfare of the people of its member countries. This main mission is further specified in certain core functions serving & safeguarding five 20 . which implements the conference's policy decisions & is responsible for day-to-day administration. The WTO is governed by a Ministerial Conference. & the rules are the outcome of negotiations among members. The WTO's headquarters are in Geneva. predictably & freely as possible".The WTO is a rules-based. member-driven organization . Its main mission is "to ensure that trade flows as smoothly. a General Council. which meets every two years. Switzerland. & a directorgeneral. specifically by lowering trade barriers & providing a platform for negotiation of trade.
Finally. the WTO cooperates closely with the two other components of the Bretton Woods system. Another priority of the WTO is the assistance & training of developing. It provides a forum for negotiations & for settling disputes. these are regarded by analysts as the most important: • • It oversees the implementation. which are the foundation of the multilateral trading system. Additionally. The WTO is also a center of economic research & analysis: regular assessments of the global trade picture in its annual publications & research reports on specific topics are produced by the organization. Among the various functions of the WTO. leastdeveloped & low-income countries in transition to adjust to WTO rules & disciplines through technical assistance. administration & operation of the covered WTO trade agreements. cooperation and training. it is the WTO's duty to review the national trade policies.fundamental principles. the IMF & the World Bank & other international organizations. 21 . & to ensure the coherence & transparency of trade policies through surveillance in global economic policymaking.
The MFN rule requires that a WTO member must apply the same conditions on all trade with other WTO members. Non-Discrimination. i. National treatment means that imported and locally-produced goods should be treated 22 . but their precise scope and nature differ across these areas. It has two major components: the most favored nation (MFN) rule.e. a WTO member has to grant the most favorable conditions under which it allows trade in a certain product type to all other WTO members.Principles of the trading system The WTO establishes a framework for trade policies. Grant someone a special favour & you have to do the same for all other WTO members. Five principles are of particular importance in understanding both the pre-1994 GATT and the WTO: 1. it does not define or specify outcomes. it is concerned with setting the rules of the trade policy games. Both are embedded in the main WTO rules on goods. & the national treatment policy. services. That is. and intellectual property.
& a desire to obtain better access to foreign markets. 23 . Reciprocity. the complaining country may invoke the WTO dispute settlement procedures. A related point is that for a nation to negotiate. 2. It reflects both a desire to limit the scope of free-riding that may arise because of the MFN rule.g. If satisfaction is not obtained.equally (at least after the foreign goods have entered the market) & was introduced to tackle non-tariff barriers to trade (e. security standards et al. The tariff commitments made by WTO members in a multilateral trade negotiation and on accession are enumerated in a schedules (list) of concessions. 3. These schedules establish "ceiling bindings": a country can change its bindings. it is necessary that the gain from doing so be greater than the gain available from unilateral liberalization. discriminating against imported goods). Binding & enforceable commitments. technical standards. reciprocal concessions intend to ensure that such gains will materialize. which could mean compensating them for loss of trade. but only after negotiating with its trading partners.
Transparency. There are three types of provisions in this direction: articles allowing for the use of trade measures to attain non economic objectives. 24 . The WTO members are required to publish their trade regulations. to respond to requests for information by other members. 5. Advantages of WTO. Safety valves.4. to maintain institutions allowing for the review of administrative decisions affecting trade. articles aimed at ensuring "fair competition". governments are able to restrict trade. & provisions permitting intervention in trade for economic reasons. These internal transparency requirements are supplemented and facilitated by periodic country-specific reports (trade policy reviews) through the Trade Policy Review Mechanism (TPRM). The WTO system tries also to improve predictability & stability. discouraging the use of quotas and other measures used to set limits on quantities of imports. In specific circumstances. & to notify changes in trade policies to the WTO.
As trade expands in volume. Free trade has many advantages: • Lower prices. To some extent the WTO has been successful in promoting greater free trade. Nevertheless. & if we understand why. This sound like an exaggerated claim. in the numbers of products traded.The WTO is a body designed to promote free trade through organising trade negiotiations & act as an independent arbiter in settling trade disputes. The 10 benefits of the WTO are: The system helps to keep the peace. and in the numbers of countries & companies trading. there is a greater chance that disputes will 2. we have a clearer picture of what the system actually does. • Increased growth. The system allows disputes to be handled constructively. 1. • Greater competitiveness. & it would be wrong to make too much of it. the system does contribute to international peace. 25 .
Trade raises incomes. and everything else in between. & a broader range of qualities to choose from. giving smaller countries more voice. The WTO system helps resolve these disputes peacefully and constructively. 5. Think of all the things we can now have because we can import them: fruits & vegetables out of season. It gives consumers more choice. But it does reduce some inequalities. books. A system based on rules rather than power makes life easier for all. 3. The prices we pay for our food and clothing. The WTO cannot claim to make all countries equal.arise. 26 . cut flowers from any part of the world. clothing & other products that used to be considered exotic. movies. music. are affected by trade policies. our necessities & luxuries. Freer trade cuts the cost of living. & at the same time freeing the major powers from the complexity of having to negotiate trade agreements with each of their numerous trading partners. all sorts of household goods. foods. We are all consumers. 4. 6. & so on.
Lowering trade barriers allows trade to increase. which adds to incomes . The GATT-WTO system which evolved in the second half of the 20th Century helps 9. But some adjustment is necessary. The system shields governments from narrow interests. But the picture is complicated by a number of factors.is not the way to tackle employment problems. but they are still important. 27 . Trade clearly has the potential to create jobs. Trade stimulates economic growth. The basic principles make the system economically more efficient. 7. In practice there is often factual evidence that lower trade barriers have been good for employment. Nevertheless. & they cut costs. 8.national incomes & personal incomes. & that can be good news for employment. They are the result of essential principles at the heart of the system. the alternative – protectionism . Many of the benefits of the trading system are more difficult to summarize in numbers. & they make life simpler for the enterprises directly involved in trade and for the producers of goods & services.
The rules also discourage a range of unwise policies. Under WTO rules. 10. once a commitment has been made to liberalize a sector of trade. Governments are better placed to defend themselves against lobbying from narrow interest groups by focusing on tradeoffs that are made in the interests of everyone in the economy. the WTO has often been criticized for ignoring the plight of the developing world. The system encourages good government. it is difficult to reverse. In fact free trade has many disadvantages In response to this the WTO may say that free trade has been an important engine of growth for developing countries in Asia. that means greater certainty & clarity about trading conditions. It is argued the benefits of free trade accrue mostly to the developed world. Disadvantages of Free Trade However. For governments it can often mean good discipline.governments take a more balanced view of trade policy. 28 . For businesses.
India’s commitment to WTO India is one of the founder members of WTO. 1970 by April 19. it is worth it in the long run. The government of India has made a number of commitments to WTO which are: 1. 2001. Reduction of Tariff: India has committed to WTO to reduce tariff on non agricultural & non textile goods. The ruling of WTO dispute settlement panel made it obligatory for Indian government to make appropriate amendments in Patents Acts. Removal in Quantitative Restrictions: India had to phase out all quantitative restrictions on 1429 items by April 1. 2. 1999. 3.Although there may be some short term pain. The government 29 . The Government of India in line with WTO agreement removed quantitative restrictions on 714 items in the EXIM policy announced on March 31. 2001. Commitments under TRIPS: The USA & European Union complained to WTO that India had failed to meet its commitment to bring an amendment in patent act for granting of exclusive marketing rights (EMR) in India to an international company.
Commitments under GATS: Under the General agreement on Trade in Services (GATS). India has made commitment to WTO in 33 activities. 30 . 5.of India amended Patent Act in March 1999 that grants EMR for given period in field of pharmaceutical. Commitment under TRIMs: Under TRIMs agreement. Commitments related wit Trademarks: Under WTO agreement the member nations should protect the service trade & merchandise marks. the developing country had a transition period of 5 years during which they could continue to maintain measures inconsistent with agreement provided they were duly notified. The Foreign Service providers will be allowed to enter into these activities. 6. So the Government of India amended Trade & Merchandise Marks Act. The Government of India notified to WTO regarding the local requirement in the production of pharmaceutical products. chemicals & agricultural products o an international company. 4. 1958 & passed it in parliament in 1999.
7. The bill related with industrial design & layout design was cleared by parliament in December 1999. Impact of WTO agreement on Indian economy Signing of WTO had far reaching effects not only on India’s foreign trade but also on internal economy.Expansion in Trade: 31 . Favourable Effects 1. Commitments related to Industrial design & Layout design of integrated circuit: Under WTO agreement the Government of India has committed to protect new industrial design & layout design of integrated circuit.
Benefits from agreements on textile & clothing: Phasing out of Multifibre Arrangement (MFA) by 2005 will benefit India. 3. merchandise trade in goods will increase by US$ 745 billion in 2005. The exports of textile & clothing will increase from India. developed countries will have to reduce subsidies & trade barriers in agriculture. India will also gain from it as India’s share in world export will increase from 0. dispute-settlement.The World Bank has estimated that because of Uruguay Round Package. etc. 2. However. Hence India expects to gain higher export earnings from agriculture. Benefits from multilateral roles & disciplines: The Uruguay Round Agreement provides for rules & disciplines related to anti-dumping subsidies.5% to 1%. This will create conditions for fair trade & a more 32 . 4. Better prospects of agricultural exports: Under agreement of agriculture. India as a developing country will continue with agricultural subsidies & higher rate of tariff on imports of agricultural products.
favourable environment for India in new world economic order.a. It is growing at the rate of 13% p. 33 . Increase in service export: Due to GATs. India’s service export has increased. as against 6% annual increase in world export. 5.
Trade Related Investment Measures: The agreement protects the interest of foreign investors in developing countries. Indian pharmaceutical industry will be worst affected by TRIPs & its extension to agriculture has serious consequences for India. insurance. 2. 34 . they will be benefited most. Since MNCs & developed countries hold large number of patents. It could prove a drain on foreign exchange reserves in the form of profit transfer of developing countries causing BOP crisis. 3. Trade Related Intellectual Property Rights: (TRIPS): Agreement on TRIPs is highly weighted in favour of patent holders. Competition in services: There is a big difference in level of services like banking. telecommunications between developed & developing countries.Unfavourable Effects As a member of WTO India is likely to face a number of challenges: 1.
Therefore GATS will benefit more to developed countries & go against India. Inequality within the structure of WTO: The structure of WTO is such where inequality exists among the members. Trade Related Intellectual Property Rights: 35 . Non-tariff barriers: Various types of non-tariff barriers. which have come up around the globe following the formation of WTO. 4. have hurt experts from developing countries. 2. Hence developed countries force developing countries to sign certain agreements through bribing or threatening. many new challenges are arising in front of Indian economy. 1. 16 countries have put up 13 different non-tariff barriers against India. Developed country has definite advantage over developing countries. WTO challenges & problems for Indian economy As India goes for globalization & opens the market for foreign commodities & investment.
Agreement on agriculture: 36 . This will certainly serve the interests of developed countries. Now developing countries cannot discourage foreign investment in their economy.Agreement on TRIPS is highly in favour of developing countries. 3. Trade Related Investment Measures: Developed countries achieved everything they wanted from TRIMS. Non-tariff barriers: Use of non-tariff barriers by developed countries after the formation of WTO has affected the exports from developing countries. But it is silent on controlling restrictive business practices of foreign investment. 16 countries have introduced 13 types of non-tariff barriers against India. every WTO member will have to provide 20 years protection to patents & 50 years protection to copyright. 6. Agreement on TRIMS provides for parity between home 7 foreign investments. 5. 4. Competition in Services: GATS provides for movement of services of different types from one country to another. Under TRIPS.
8. amend & introduce laws in accordance with WTO agreements. Protection of environment: It implies that a country like India which has limited resources will have to divert them to environment protection rather than on development of facilities.Developing countries that did not provide subsidies during 1986-88 will not be allowed to introduce new subsidies. It will force the member countries to change. Trespassing of Sovereignty of Nations: WTO is an international body which will not only encourage trade among its members. 7. This agreement is also advantageous to developed countries & will go against the interest of India. 37 . But it will also set rules & regulations to be followed by the member nations.
38 . commercial interests do NOT take priority over environmental protection. Rather. request and offer. 4. The WTO does not tell governments how to conduct their trade policies. it’s a “member-driven” organization. 1. The WTO does NOT dictate to governments on issues such as food safety. Sustainable development is a principal objective 3. and human 5. 2.10 common misunderstandings about the WTO The WTO does NOT tell governments what to do. The WTO is NOT for free trade at any cost. It’s really a question of what countries are willing to bargain with each other. of give and take. The WTO is NOT only concerned about commercial interests. Many provisions take environmental concerns specifically into account. In the WTO. The WTO agreements are full of provisions taking the interests of development into account. This does NOT take priority over development.
and therefore the agreements reflect their concerns. 8. Trade can be a powerful force for creating jobs and reducing poverty. 7. The WTO increases their bargaining power. 39 . The accusation is inaccurate and simplistic. and here the picture is complicated. Small countries would be weaker without the WTO. Small countries are NOT powerless in the WTO. 6. In any case.health and safety. Safety concerns are built into the WTO agreements The WTO does NOT destroy jobs or widen the gap between rich and poor. Again commercial interests do NOT override. Everyone has to follow the same rules. Sometimes adjustments are necessary to deal with job losses. The WTO system offers governments a means to reduce the influence of narrow vested interests. The agreements were negotiated by WTO member governments. The WTO is NOT the tool of powerful lobbies. the alternative of protectionism is not the solution. Often it does just that.
D. That’s why the list of countries negotiating membership includes both large and small trading nations. that’s even more democratic than majority rule because no decision is taken until everyone agrees. Agreements are ratified in parliaments. they are NOT forced to join the WTO. The WTO is NOT undemocratic. 9. Decisions in the WTO are generally by consensus. Bibliography TYBCom – Economics .Weaker countries do have a choice.Aphale Vipul Prakashan Webliography www. In principle. 10. Most countries do feel that it’s better to be in the WTO system than to be outside it.Managerial Economics – S.com 40 .google.Seth publications FYBMS .
www.wikipedia.org www.wto.com 41 .
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