HISTORY OF GATT & THE WTO SYSTEM A BRIEF HISTORY OF THE GATT Beggar-thy-neighbour tariff policies of 1930s => WWII Bretton Woods Conference at the end of the WWII‚ finance ministers from the Allied nations gathered to discuss creation of a new monetary system that would support postwar reconstruction‚ economic stability‚ and peace. => IBRD & IMF => need for a third institution‚ ITO. 1940s: Representatives met to design a postwar trading system that would parallel the international
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United States Trade Representative (USTR) submitted a request to the U.S. International Trade Commission (ITC) to determine if the U.S. steel industry was seriously injured or threatened with serious injury as a result of recent increases in steel imports to the United States. This request was submitted under Section 201 of the Trade Act of 1974. The request followed months of petitioning by the U.S. steel industry and weeks of acrimonious debate between the USTR and foreign trade representatives
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TACKLING CURRENT ACCOUNT DEFICIT IN INDIA INTRODUCTION There has been a sharp increase in the Current Account Deficit in Indian economy. In previous years the current account deficit increased moderate rate but in the fiscal year of 2011-12 there was sharp increase in current account deficit‚ marking a rise to nearly 4.2 per cent of GDP. High current account deficit has always posed serious implications for an economy and therefore for India it is a matter of concern. This research paper deals with
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A‚ E‚ I‚ or O‚ then place it in standard categorical form. In each case‚ clearly indicate the subject and the predicate terms. 2. Draw a Venn diagram representing each of the propositions. 3. For each proposition state whether it has existential import a) according to the ancient (Aristotelian) interpretation‚ and b) according to the modern (hypothetical) interpretation. 4. For each proposition‚ construct its converse‚ contrapositive‚ and obverse. State whether each of converse‚ contrapositive
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Discuss in brief the various laws which govern India’s export and import trade? Answer- The following are some of the important laws governing exports from and imports into India: i) Foreign Trade Act: The main objective of this Act‚ 1992 is to provide for the development and regulations of foreign trade by facilitating imports into‚ and augmenting exports from India. This Act has replaced the earlier law namely‚ the Imports and Exports (Control) Act 1947. Ministry of Commerce‚ Government
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furnace oil imports‚ he said. Since the gas shortfalls were expected to be much higher‚ the country would need to enhance its dependence on imported oil‚ thus increasing pressure on foreign exchange situation‚ he added. Last year’s oil import bill amounted to about $6.5 billion compared with about $3.5 billion in 2004-05‚ mainly because of higher international oil prices - a burden expected to be even higher in future as a result of growing Middle East crisis. Current year’s oil import bill has
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The Custom Duty in India is one of the most important tariffs. The custom duty in India is regulated by the Customs Act of 1962. The main purpose of the custom duty in India is the prevention of the illegal export and import of goods. The rates of the custom duty levied on the imported and exported goods are assigned in the Custom Act‚ 1962. The Acts under the custom duty in India: * Foreign Trade (Exemption from application of Rules in certain cases) Order‚ 1993 * Customs Act‚ 1962
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(a)Direct Barriers are barriers that specifically limit import of goods or services. Eg: Embargoes and quotas EMBARGOES: Embargoes are the most restrictive of the direct non tariff barriers. They are either a complete ban on trade with a foreign nation or a ban on sales or transfer of specific products. Eg: The U.S. has imposed embargoes on Afghanistan‚ Cuba‚ Iraq and Iran. QUOTAS: Quotas are a quantitative restriction on imports. They are based on either value of goods or on quantity. They
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THE ECONOMIC REPORT OF UZBEKISTAN The International High School at Lafayette Fall 2013 Mr. Joel Sherzod Musaev Uzbekistan is located in heart of the Central Asia. When we talk about Uzbekistan we have to look through history of it and suddenly everything will connect to the Soviet Union. Uzbekistan played one of the most important roles of USSR. Uzbekistan was controlled by Soviet Union over 67 years. Uzbekistan’s role was specifically to grow cotton and government
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International Trade and its Impact on the U.S. Economy Abstract The international trade sector of the U.S. economy continues to draw attention in economic and political circles. It is true that‚ the international market has become increasingly important as a source of demand for U.S. production and a source of supply for U.S. consumption. Indeed‚ it is substantially more important than is implied by the usual measures that relate the size of the international sector to the
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