GMS 400 Lecture Notes - Lecture 5: Closer Economic Relations, Caribbean Community, Most Favoured Nation

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 400
• Professor: Dale Carl

Document Summary

Tariffs: taxes on imported goods, traditionally used to protect local industries (often called customs or import duties) May also be used bilaterally to compensate for export subsidies ex. against agricultural products from the eu. Most favoured nation status: by wto regulation, a country must set tariffs for every country the same as for the best country rate ( most favoured nation ) >does not include the rate within trade blocs or by special bilateral agreements. For anyone who is a part of the wto you must give all members the exact same rate that you gave to one country if that was the best rate on imports. Government laws, regulations, policies or practices that protect domestic companies from foreign competition: >product standards (lack of harmonization with international standards. >labeling requests (e. g. english and french in canada) These are legally recognized by the wto, and do not affect the most favoured nation tariff requirements.