What are international economic relations?
The MA in International Affairs: International Economic Relations (IER) provides students an in-depth understanding of the market, political, and other forces that drive the economic globalization process, as well as of the private and public actors and institutions that shape international trade and financial …
What are the constituent elements of the world economy?
They include land (including natural resources), capital, and labor. The enterprise itself is often considered as the fourth factor as its main purpose is the organization of the other factors of production.
What are the key differences between GATT and WTO?
While GATT is a simple agreement, there is no institutional existence, but have a small secretariat. Conversely, WTO is a permanent institution along with a secretariat. The participating nations are called as contracting parties in GATT, whereas for WTO, they are called as member nations.
What are the 6 functions of the WTO?
The WTO has six key objectives: (1) to set and enforce rules for international trade, (2) to provide a forum for negotiating and monitoring further trade liberalization, (3) to resolve trade disputes, (4) to increase the transparency of decision-making processes, (5) to cooperate with other major international economic …
What is the MFN principle?
“Most-Favoured-Nation” (“MFN”) treatment — requires Members to accord the most favourable tariff and regulatory treatment given to the pro- duct of any one Member at the time of import or export of “like products” to all other Members. This is a bedrock principle of the WTO.
What is a full form of GATT?
GATT The General Agreement on Tariffs and Trade, established in 1947. The abbreviation is used for both the legal text and the institution.
Who controls WTO?
The WTO is run by its member governments. All major decisions are made by the membership as a whole, either by ministers (who meet at least once every two years) or by their ambassadors or delegates (who meet regularly in Geneva).