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Unit 2 - Economics. WTO – World Trade Organization (1994) GATT - General Agreement on Tariffs and Trade Each agreement was called a round. Organization.

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Presentation on theme: "Unit 2 - Economics. WTO – World Trade Organization (1994) GATT - General Agreement on Tariffs and Trade Each agreement was called a round. Organization."— Presentation transcript:

1 Unit 2 - Economics

2 WTO – World Trade Organization (1994) GATT - General Agreement on Tariffs and Trade Each agreement was called a round. Organization for liberalizing trade. Negotiating Forum. Set of Rules. Helps settle disputes. 192 countries

3 GATT - General Agreement on Tariffs and Trade The outcome of each round Each agreement bound members to reduced tariffs Economic benefits Increased the trade for countries Economic set-back Trade in services and "intellectual property" such as computer software has grown much more rapidly than traditional merchandise exports, and has made rules designed for trade in manufactured goods obsolete.

4 WTO The last and largest GATT round, was the Uruguay Round which lasted from 1986 to 1994 Led to the WTOs creation. Whereas GATT had mainly dealt with trade in goods, the WTO and its agreements now cover trade in services, and in traded inventions, creations and designs (intellectual property).

5 GATTs Three Basic Principles Nations are to limit imports only through tariffs and not through quotas or other non- tariff barriers. Multilaterally negotiated tariff reductions. Signatory countries agree not to discriminate between member states.

6 NAFTA - North American Free Trade Agreement Participating Nations United States Mexico Canada

7 NAFTA Agreement Eliminates almost all U.S.-Mexico tariffs Mexico-Canada tariffs are also phased out. Eliminates other barriers to trade such as import licensing requirements and Customs user fees.

8 NAFTA - North American Free Trade Agreement Economic benefit Created the worlds largest free trade area. Eliminate barriers to trade and facilitate the cross-border movement of goods and services. Promotes conditions of fair competition. Increases investment opportunities. Economic Set-back Negative impacts on farmers in Mexico who saw food prices fall based on cheap imports from U.S. Negative impacts on U.S. workers in manufacturing and assembly industries who lost jobs. More than a million Mexican farmers and their families have had to abandon their land and livelihood because they are unable to compete with subsidized food crops from the United States.

9 CAFTA - Central American Free Trade Agreement Originally, the agreement encompassed the United States and the Central American countries of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua, and was called CAFTA. In 2004, the Dominican Republic joined the negotiations, and the agreement was renamed DR- CAFTA.

10 CAFTA - Central American Free Trade Agreement The agreement would eliminate almost all trade barriers between the United States, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and also the Dominican Republic.

11 CAFTA - Central American Free Trade Agreement Allows slightly higher sugar shipments to the USA, above the annual U.S. sugar import quota, which is designed to prop up domestic prices. As negotiated, will harm, rather than help, farmers and workers in Central America who are struggling to overcome poverty. Estimated that there would be a net loss of fiscal revenue due to the CAFTA in all countries.

12 NATO – North Atlantic Treaty Organization Military Alliance established by the signing of the North Atlantic Treaty on April 4, System of Collective Defense – member states agree to mutual defense in response of attack by any external party. Belgium, Netherlands, Luxembourg, France, United Kingdom, United States, Canada, Portugal, Italy, Norway, Denmark, Iceland, Greece, Turkey Standardization of allied military terminology, procedures and technology (mostly American). NATO WEBSITE

13 OPEC – Organization of Oil Petroleum Exporting Countries Cartel Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to:Statute Coordinate and unify the petroleum policies of its Member Countries Ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.

14 UN – United Nations International organization founded in 1945 after WWII. 192 Member States Facilitate cooperation in: International law International Security Economic Development Social Progress Human Rights World Peace CYBER SCHOOL BUS

15 UN - United Nations WHO – World Health Organization UNICEF – United Nations Childrens Fund 6 Official Languages 5 decision making bodies General Assembly – Main Decision-making body Security Council – Maintain peace and security International Court of Justice- WEBSITEWEBSITE Economic and Social Council -WEBSITEWEBSITE Secretariat – Provides studies and information


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