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GATT/WTO: Main Objective. To provide a legal framework for incorporating the results of negotiations directed toward “ reciprocal and mutually advantageous exchange of market access commitments on a non-discriminatory basis .”

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gatt wto main objective
GATT/WTO: Main Objective

To provide a legal framework for incorporating the results of negotiations directed toward

“reciprocal and mutually advantageous exchange of market access commitments on a non-discriminatory basis.”

  • Typically, such an outcome is obtained through reductions of tariffs and other barriers to trade.
is free trade an explicit objective of the gatt wto
Is free trade an explicit objective of the GATT/WTO?

“The WTO does not tell governments how to

conduct their trade policies. Rather, the WTO is a

‘member-driven’ organization.”

In reality, free trade (or freer trade) depends on what countries are willing to bargain with each other.

- NO -

gatt wto negotiation rules
GATT/WTO Negotiation Rules
  • Governments negotiate only if they want and what they want.
  • Consensus rule:

if all agree, agreement is implemented; otherwise, it is not.

Bottom line: All countries have a voice.

why is there a need for trade negotiations
Why is There a Need for Trade Negotiations?
  • Typically, governments care primarily about the residents of their own country.

Whenever possible, they try to shift the cost of their policies to other countries.

  • This is especially easy to do with trade policies.
beggar thy neighbor
“Beggar-thy-Neighbor”

A government increases tariffs in a certain sector

local price rises

 

domestic supply (S) ; domestic demand (D) 

import demand (M = D – S) 