Wto (1 Viewer)

[Bimbo]

can anyone tell me what effect policies adopted by the WTO have on the Australian economy?? ( eg protectionist policies)

 

[Minai]

off the top of my head - means Australia, as a member must abide by their rules...currently means a phasing out of tariffs in the vehicles and textiles industries completely by 2010

 

[Bimbo]

sorry for bugging everyone but what are the key feature of the WTO?

 

[Bimbo]

can anyone give me a basic idea of the importance the WTO has on the global economy??

 

[Minai]

Try www.wto.org for some accurate information...but going on the stuff that I learnt a few weeks ago in a lecture, the WTO promotes freer trade between nations as much as possible by laying down regulations requiring member nations to reduce its protectionist policies by a certain amount over time. This is mainly within the manufacturing trade industries, because the WTO is still rather leniant on agricultural protection. The WTO also provides a forum for trade negotiations, where it can act as a mediator between two disputing nations, making it easier for nations to bargain deals benefiting them both. So basically the WTO acts as an enforcer of the drive towards global integration of economies and freer trade movements, allowing nations to become more efficient, where gains from specialisation can occur, and encourages greater competition through the breaking down of the trade barriers blah blah