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Unit 8: World Trade Organization
Ginni Nijhawan, Lovely Professional University
unit 8: World trade organization notes
contents
Objectives
Introduction
8.1 World Trade Organization
8.1.1 Mission, Functions and Principles
8.1.2 Formal Structure
8.1.3 Dispute Settlement
8.1.4 Accession and Membership
8.1.5 Agreements
8.1.6 General Agreement on Trade in Services (GATS)
8.1.7 Trade-related Aspects of Intellectual Property Rights (TRIPs) Agreement
8.1.8 Indian IC Layout Design Act
8.1.9 Agreement on Trade Related Investments
8.2 General Agreement on Tariffs and Trade (GATT)
8.3 Establishment of World Trade Organization
8.4 The Uruguay Round Package: Organization Structure of the WTO
8.5 WTO – The Third Pillar in the Global Business
8.6 Summary
8.7 Keywords
8.8 Review Questions
8.9 Further Readings
objectives
After studying this unit, you should be able to:
l z Describe the various instruments of trade policy & political and economic arguments for
government intervention in international trade
l z Re-examine the economic case for free trade in the light of the strategic trade policy
argument and re-look at the evolution of the world trading framework
introduction
Our review of the classical trade theories of Smith, Ricardo, and Heckscher-Ohlin in showed that,
in a world without trade barriers, trade patterns are determined by the relative productivity of
different factors of production in different countries. Countries will specialize in products that
they can make most efficiently, while importing products that they can produce less efficiently.
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