Question

1.What is the WTO? What are the main principles on which the WTO was founded? Briefly discuss the principle areas (trade topics) which the WTO addresses and is seeking to achieve consensus in trade?

2. Briefly discuss the benefits and disadvantages of trade liberalization to Caricom economies.

3. Briefly discuss some of the key considerations when adopting new technology.

Provide References

Answer 1

1.

• WTO is an international organization which deals with the rules and regulations of international trade of goods and services among the nations.
• The main principles on which the WTO was founded are: make efforts for open borders, the promise of most-favoured-nation principle, fair treatment in the trade by and between member nations, and adherence to the transparent of its affairs.
• The principle areas which the WTO addresses and is seeking to achieve consensus in trade are as:    

1. Trade without discrimination: The member countries can't discriminate with trading partners. Imported goods/services are to be treated at par with national goods/services.

• Free trade: Removing trade barriers such as tarrifs and quotas, easing of restrictions to enable free trade through negotiations.
• Promotion of fair competition: Although limited restrictions are allowed, a system of rules guide fair and free competition like in case of in agriculture, intellectual property, and services.
• Encouraging development and economic reform: Which allows special support and concessions in trade to the developing nations.