13.2 - Trade/aid organisations

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9 Terms

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IGO definition

intergovernmental organisation

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2 most important trade IGOs and their basic functions

WTO - World Trade Organisation

  • regulates gloibal trade rules and solves disputes

UNCTAD - UN Conference on Trade and Development

  • promotes trade and development, particularly for developing countries


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basically, how do IGOs promote trade

foster economic integration by creating stable, predictable environments that encourage cross-border commerce

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What does the WTO do/enable

  • same tariffs applied from one country to all WTO countries

  • members negotiate lower tariffs → typical avg tariffs have fallen significantly

  • increase predictability and transparency


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what was the ITA

Information Technology Agreement - WTO

  • 1996

  • eliminated tariffs on wide range of IT products (computers, semiconductors, integrated circuits etc)


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What does UNCTAD do (with specifics)

help developing countries benefit from trade

  • digitalising ports

  • modernising and increasing efficiency of customs

  • debt management


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list trade initiatives/agreements and organisations that created them

ITA - information technology agreement (WTO)

  • no tariffs on many IT products

EBA - everything but arms (EU)

  • duty free, quota free access to EU for all products from Least Developed Countries, except arms/ammo

GSP - generalised system of preferences (UNCTAD)

  • non-reciprocal zero tariffs on imports from developing countries


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example of WTO being unsuccessful at dealing with trade disputes

US-China trade war since 2018

  • China appealing to WTO to show that it respects global trade system

  • US blocking appointment of judges, preventing WTO from giving rulings

  • WTO seems powerless


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example of WTO being successful in dealing with trade dispute

Airbus-Boeing dispute

  • both sides (EU, USA) accused other of illegal subsidies to aircraft manufacturers

  • WTO investigated, authorised retaliatory tariffs

  • 2021, both agreed 5 year suspension of these tariffs and cooperated

  • demonstrated that WTO can provide a rules based system for settling disputes and preventing escalation, but final solutions require cooperation form governments