WTO and Doha Round 2008: A Pause or Breakdown?
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Code :ITF0030
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Region : :Doha |
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WTO, Multilateral Trade Agreements and Regional Trade Agreements After the Second World War, some countries realised that the main cause of the war was trade. As a result, 23 countries came together in 1947 and signed a provisional agreement called GATT. The main objective of GATT was to help trade flow smoothly and freely between nations by lowering barriers to international trade, which included tariffs, subsidies and quantitative restrictions... Doha Round The fourth WTO ministerial conference was held in Doha, Qatar in 2001. At this conference, ministers agreed to launch new round of multilateral negotiations on a range of subjects, including agriculture, subsidies, textiles and clothing, technical barriers to trade, trade-related investment measures and rules of origin. Two declarations were passed – The first dealing with the Agreement on TRIPS and second known as Doha Development Round brought the ongoing negotiations on agriculture and services on a broader agenda... Doha Development Round 2008 After 7 years of failed negotiations (Annexure I), the Doha round of Ministerial conference was once again held in Geneva, Switzerland from July 21st 2008 to July 29th 2008. The meeting was attended by 40 member countries. The purpose was to decide on the modalities or formula that would be used to derive upon the percentage cut in tariff rate and subsidies. However, before agreeing upon the formula, member countries wanted to ensure that they would be allowed flexibility in deviating from the formula and apply different rate of cuts in tariffs and subsidies... |
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