INR 3502 Lecture Notes - Lecture 1: Most Favoured Nation, North American Free Trade Agreement, Dispute Settlement Body
Document Summary
1) free trade (wto) countries specialize in what they are good at and engage with other countries on what they were not good at. 2) economic development (world bank) provide low interest loans and oversee the redevelopment of damaged countries. 3) monetary policy (imf) exchange rates; making sure governments can convert, buy, sell, and exchange currency: world trade organization read up on reading and book chapter for structure details. Far more successful organization in terms of accomplishing what it intended. By agreeing to free trade principles, they would lower tariffs more and more over time. Most favored nation status: a country must treat all other countries the same; no discriminatory trade deals; if you lower tariffs for one, you lower tariffs for all (this is the bedrock principle of the wto) ~meachum: spoke on nafta; look into it more. Formed in 1995; prior to this was gat, formed in 1947.
