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BUS 430 Week 4 - Individual Assignment - GATT and WTO Paper

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RUNNING HEAD: GATT AND WTO PAPER
1
BUS/430 Week 4 – GATT and WTO Paper
University of Phoenix (Axia College)
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RUNNING HEAD: GATT AND WTO PAPER
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GATT and WTO Laws
The GATT (General Agreement on Tariffs and Trade) and WTO (World Trade
Organization) are two legal principle bodies used to regulate domestic and international
trade. The GATT was an international multilateral agreement that was agreed upon in
1947 and merged with the WTO in 1993. These negotiations were part of an agreement
that decides certain tariff and trade regulations between 153 countries (Duke University
of Law, 2012). The WTO is another organization, one of only one, that regulates trade
between nations. The WTO, being the sole ratifyer of trade regulations, controls all trade
between nations around the world. Certain rules and regulations regarding inter-nation
trade are ratified at the WTO meeting and then ratified in each parliamentary system of
the countries following WTO regulation (World Trade Organization, 2012). Some of
these rules and regulations encompass trade barriers, trade regulations, and shipment
safety regulations.
Imports regulation
Regulating imports is necessary when trading. Many imports such as agricultural
products, hazardous waste, chemicals, etc. must be regulated to ensure the safety of the
general public. It must be made sure that agricultural products are coming in specified
limits and are disease-free. Hazardous waste being imported or exported must be
regulated to make sure it is transported and disposed of safely. Chemicals and other items
of that nature must be handled carefully when shipped and when arriving in the countries
it is exported to.
Nontariff Trade Barriers

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RUNNING HEAD: GATT AND WTO PAPER
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A trade barrier is defined as an element which might discourage a country from
imported or exporting goods. Usually most trade barriers are in the form of tariffs, or
taxes on goods imported. However, some trade barriers are not related to tariffs, or called
nontariff trade barriers. These trade barriers are controlled by quotas, embargoes,
sanctions, and more nontariff barriers (Investopedia, 2012). Nontariff trade barriers are
used mainly by dominant players in the world economy such as the US to make trade
more reasonable and possibly make trade inapplicable to those countries that defy the
rules or refuse to follow international business regulations. During the peak time of the
Cold War, the United States filed an embargo against Cuba in 1962 that banned trade to
Cuba and tourism into Cuba. This severely hurt its economy, as it didn’t have many trade
partners and was stuck with post-1962 automobiles.
GATT and WTO trade settlements
Disputes in trade regard one representative of a country accusing other
representative(s) of unlawful, unethical, or illegitimate trade practices. The laws designed
by the WTO are negotiated on by each member of the counsel, thus the dispute is settled
by the counsel known as the Dispute Settlement Body. The Dispute Settlement Body is
the entire body of members of the WTO, and is led by Mrs. Elin Østebø (World Trade
Organization, 2012). One of the most famous trade disputes regards around the United
States and China where the United States accuses China of violating anti-dumping
policies (World Trade Organization, 2012).
Liability for air carriers
The liability of the air carrier belongs to the pilot of the air carrier. He/she claims
full responsibility, and can be subjected to a financial judgment held by no limits.

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