WORLD TRADE ORGANIZATION: 1995-PRESENT General Agreement on Trade in Services (GATS) WTO agreement governing international trade of services Trade-Related Aspects of Intellectual Property Rights (TRIPS) WTO agreement governing intellectual property rights
TRADE DISPUTE SETTLEMENT WTO does not have enforcement capability WTO simply recommends that losing countries change their laws or practices and authorizes the winning countries to use tariff retaliation to compel the offending countries to comply with the WTO rulings
REGIONAL INTEGRATION Economic union Having all the features of a common market, members also coordinate and harmonize economic policies (in areas such as monetary, fiscal, and taxation) to blend their economies into a single economic entity Monetary union A group of countries that use a common currency Political union Integration of political and economic affairs of a region
THE EU’S CHALLENGES Determining whether to become a political union Voting power within the EU Growth and expansion Labor and immigration Financial crises and recession ? How do you think EU members could solve some of these issues?