What role does the WTO play in international business...

TITLE OF ASSIGNMENT: What role does the WTO play in international business? Argue the case that the WTO is either helpful or a hindrance to international trade, giving particular examples to support your case. 1. INTRODUCTION International trade has been increasingly frequent since industrialisation. Today globalisation becomes well-known among people. As economies have become more open, countries become more dependent on one another. However, rarely is free trade truly free trade due to country interventions which aim to promote industrialisation or national interests, or protect employment or consumer (Morrison 2006). In an interdependent world the actions of one country has consequences for others. Hence The World Trade Organisation†¦show more content†¦(WTO, 2009) †¢Handling trade disputes. Settlement of trade disputes is an important role of WTO, which is one of WTOs original intentions (WTO, 2009). Unfair trade practices between nations may be brought to a WTO panel (normally consists of three persons proposed by the WTO Secretariat) to seek for a resolution. All stages of deliberations are limited by time, and the process binds the WTOs rulings (Daniels, 2000). If the offending nation fails to comply with the judgement decided by WTO panel, its trading partners (the offended nations) have the right to compensation; if this penalty is ineffective, then the offended nations have the right to impose countervailing sanctions on the offending nation (WTO, 2009). A good example is the tariff duty US imposed on EU products in response to the EUs reluctance to abolish its banana import restrictions (Hanrahan 2001). This indicates member nations confidence in effectiveness of the WTO dispute-resolution process. †¢Monitoring national trade policies through the Trade Policy Review Mechanism (TRPM). WTO also plays a role in the periodic review of the member nations trade policies, including two parts: First, to monitor whether or not and to what extent member nations have been following the disciplines and the commitments. By implementing such periodical reviews, WTO acts as a watchdog to ensure that member nations comply with its rules, and therefore preventsShow MoreRelatedEntrepreneurship in Pakistan20067 Words   |  81 PagesE-mail: publications@p ide.org.pk Website: http://www.pide.org.pk Fax: +92-51-9210886 Designed, composed, and finished at the Publications Division, PIDE. C O N T E N TS Page Abstract v 1. Introduction 1 2. Understanding Entrepreneurship 2 (a) What Makes up an Entrepreneurial Economy? 5 (b) Entrepreneurship as Rent-seeking 5 3. The Nature of Pakistani State 7 4. How Did Entrepreneurship Develop in Pakistan? 9 (a) The Big Push for Industry 9 (b) The Neglect of the â€Å"Small† 11 (c) AgricultureRead MoreCase Study148348 Words   |  594 Pagesbe reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only. In all other cases, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing AgencyRead MoreThe Impact of Agricultural Sector on Economic Growth in Nigeria18675 Words   |  75 PagesParadoxes and Crossroads of Multimodal Nature Professor Eric C. Eboh Professor of Agricultural Economics University of Nigeria CONTENTS 1.0 ACKNOWLEDGEMENT 2 2.0 CONCEPTUAL APPROACH OF THIS INAUGURAL LECTURE 6 REFLECTIONS ON THE STRATEGIC ROLE OF AGRICULTURAL ECONOMY 8 3.0 4.0 5.0 AGRICULTURE FROM THE LOOKING GLASS OF MAN’S ECONOMIC HISTORY 16 AGRICULTURAL ECONOMY FROM PARADIGMATIC VIEWPOINTS ABOUT THE STATE VIS-A-VIS MARKET 21 6.0 NIGERIAN AGRICULTURE FROM THE PERSPECTIVE OF MODELSRead Morepaul hoang answers72561 Words   |  291 Pages © Paul Hoang and IBID Press    1 Business Management – Answer Book Important message from the author Dear Colleagues, Thank you for purchasing my textbook and for the encouraging words that many of you have passed on from around the world. In the final installment, I have put together answers/solutions to all 217 case studies. I hope you will find these solutions as a useful starting point. As with all BM mark schemes, the solutions in this Answer Book should be used with cautionRead MoreMarketing Management130471 Words   |  522 Pagesmarketing research report Online marketing E-commerce Trends in marketing Page No. Marketing management – an introduction Unit structure: 1. Introduction 2. Learning Objectives 3. Marketing Management 3.1. Evolution of marketing management 3.2. The Role of Marketing 3.3. Marketing concepts 3.4. The Marketing Mix (The 4 P s Of Marketing) 3.5. Corporate Social Responsibility (CSR) and Ethics in Marketing 4. Have you understood type questions 5. Summary 6. Exercises 7. References 1. INTRODUCTION: TheRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesand Adam McKeown 9 †¢ 2 Twentieth-Century Urbanization: In Search of an Urban Paradigm for an Urban World †¢ Howard Spodek 53 3 Women in the Twentieth-Century World Bonnie G. Smith 83 4 The Gendering of Human Rights in the International Systems of Law in the Twentieth Century †¢ Jean H. Quataert 116 5 The Impact of the Two World Wars in a Century of Violence †¢ John H. Morrow Jr. 161 6 Locating the United States in Twentieth-Century World History †¢ Carl J. Guarneri Read MoreVietnams Bank Risk Management33687 Words   |  135 PagesDam Dan Luy EVALUATION OF CREDIT RISK MANAGEMENT POLICIES AND PRACTICES IN A VIETNAMESE JOINTSTOCK COMMERCIAL BANK‟S TRANSACTION OFFICE Business Economics and Tourism 2010 1 FOREWORD At this moment, the financial sector still attracts a lot of controversy both at the regulator and the banker level. The regulators have been discussing on tighter banking rules. At the same time, the banks have also been strengthening their own health with stricter supervision, one of which is to reinforce