Page 179 - DMGT545_INTERNATIONAL_BUSINESS

International Business

notes 8.7 keywords

General Agreements on Tariffs and Trade (GATT): International treaty that committed signatories
to lowering barriers to the free flow of goods across national borders and led to the WTO.
Layout Design: It means a layout of transistors and other circuitry elements and included lead
wires connecting such elements and expressed in any manner in a semiconductor circuit.
Non-tariff barriers: Non-tariff barriers are restrictions arising from measures such as licensing,
product testing, certifications, procedural hurdles, etc.
Quota restrictions: Quota restrictions mean explicit limit (usually measured by volume or
sometime by value on the amount of a particular product that can be imported or exported
during a specified time period.
Semi-conductor Integrated Circuit: It means a product having transistors and other circuitry
elements which are inseparably formed on semiconductor material or on insulating material or
inside semiconductor material and designed to perform an electronic circuitry function.
Tariff Barriers: Tariffs were originally intended to raise revenues for the government. However,
they are now commonly used as a form of protectionism-to restrict imports to protect domestic
industry or to restrict exports to preserve national endowments.
World Trade Organization (WTO): The organization that succeeded the General Agreement on
Tariffs and Trade (GATT) as a result of the successful completion of the Uruguay round of GATT
negotiations.
8.8 review Questions

1. What do you understood by Trade Blocks? Explain the purpose and various types of
trading blocks.
2. Whose interests should be the paramount concern of government trade policy-the interests
of the producers (businesses and their employees) or those of consumers?
3. Describe the organization structure of WTO. Explain WTO’s role in liberalization of global
trade in goods and services.
4. What do the terms “Observer Governments” and “WTO Accession” means?
5. Describe the limitation of GATT and how Dunkel’s proposals led to the formation of
WTO.
6. “WTO is the third pillar in the global business.” Comment.
7. Analyse the role of India in WTO.
8. Discuss how the MFN clause resulted in dumping and the anti-dumping measures imposed
by member countries.
9. Can you describe WTO: what it is and what it does?
10. Write a short note on Trade-related Aspects of Intellectual Property Rights (TRIPs)
Agreement.

answers: self assessment

1. WTO 2. Trade work
3. Predictability 4. Nations
5. welfare 6. Fourth Ministerial Conference
7. conference 8. One country, one vote

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