International economics

Table of Contents

1. Topic pack - International economics - introduction
2. Section 3.1 International trade (notes)
   1. Reasons for trade - introduction
   2. Benefits of trade
   3. Absolute advantage
   4. Comparative advantage
   5. Absolute and comparative advantage (video)
   6. World Trade Organisation (WTO)
   7. The role of the WTO
   8. WTO background information
   9. Trade protection - introduction
   10. Introduction to trade policies (video)
   11. Types of protectionism
   12. Tariffs - case study
   13. Imposing a tariff - calculation
   14. Setting a quota - calculation
   15. Giving a subsidy - calculation
   16. Arguments for protectionism
   17. Arguments against protectionism
3. Section 3.1 International trade (questions)
4. Section 3.1 International trade - simulations and activities
5. Section 3.2 Exchange rates (notes)
6. Section 3.2 Exchange rates - questions
7. Section 3.2 Exchange rates - simulations and activities
8. Section 3.3 Balance of payments - notes
9. Section 3.3 Balance of payments - questions
10. Section 3.4 Economic integration - notes
11. Section 3.4 Economic integration - questions
12. Section 3.5 Terms of trade - notes
13. Section 3.5 Terms of trade - questions
14. Print View

World Trade Organisation (WTO)

What is the WTO?

The WTO has evolved from the General Agreement on Tariffs and Trade (GATT), which was originally established in 1947. There have been nine rounds of negotiations e.g. the 'Uruguay Round' that took place between 1986 and 1994. These negotiations were aimed at reducing tariffs for the facilitation of global trade on goods.

The WTO replaced GATT as the world's global trading body in 1995. The purpose of the WTO is to ensure that global trade is conducted freely. The WTO creates the legal framework for global trade among member nations in order to make the world trade easier and fairer. The new round of trade liberalisation talks started in the year 2000 and is ongoing.

Opponents of the WTO argue that as the WTO functions as a global authority on trade national sovereignty of member countries could be compromised. A country may have to sacrifice its own interests to avoid violating WTO agreements.

New WTO members in the order in which they acceded:

Source: http://www.wto.org/english/thewto_e/acc_e/cbt_course_e/c1s1p1_e.htm

For a complete list of WTO member countries see: http://www.wto.com/about/member-countries/