MARIETTA ECON 414 - Study Guide (25 pages)

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Study Guide



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Study Guide

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Lecture Notes


Pages:
25
School:
Marietta College
Course:
Econ 414 - International Economics
International Economics Documents

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Welcome to Econ 414 International Economics Study Guide Week Nine Ending Friday October 26 1 Nontariff Barriers to Trade Chapter 7 1 What are GATT and WTO and what is their role in international trade There is little on WTO in you book 2 Here is a little more information on GATT General Agreement on Tariff and Trade Was originally created by the Bretton Woods Conference as part of a larger plan for economic recovery after World War II The GATT s main objective was the reduction of barriers to international trade This was achieved through the reduction of tariff barriers quantitative restrictions and subsidies on trade through a series of agreements Originally the GATT was supposed to become a full international organization called the International Trade Organization However the agreement was not ratified so the GATT remained simply an agreement The functions of the GATT were taken over by the World Trade Organization which was established during the final round of negotiations in the early 1990s 3 What are Non tariff barriers to trade and how common are they The answer is in the book Problems 1 These types of protection are increasing as tariffs are decreasing 2 They are less visible than tariff but in many cases they are more restrictive than tariffs 4 What are Quotas A government policy that limits imports of a product to a certain number of units It is banned by the WTO but it still exists 5 How common is quota In 1955 Ireland suspended its import quota on fertilizers China s Grain and sugar import quotas remain unchanged in 2008 In 2002 the European Commission announced plans to impose a wheat import quota of 2 3 million tones a year In 2005 the European Union decided to increase quotas for Chinese textiles In 1989 we learned that the sugar import restrictions and the quota regime for imports maintained by the United States since 1982 has been held by a three member GATT panel to be illegal in terms of U S obligations in GATT 6 Facts 1 Not all countries are



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