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Logistics and Operations Management: World Trade Organization - Case Study Example

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"Logistics and Operations Management: World Trade Organization" paper states that WTO is charged with the responsibility of creating codes of ethics and conduct to guide the member states. Such codes emerged during the periodic negotiations as a result of exchanging domestic policies on trade…
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Download file to see previous pages Tariffs and Trade (GATT) are traced back in abortive negotiations tailored towards creating International Trade Organizations (ITO) after the World War II. The negotiations were not successful until 1948 in Havana Conference. The GATT agreements were established and formalized by a 23 member team in 1947.

Since then, GATT and ITO have been the industrial points in establishing trade blocks and restrictions. Although initially meant to negotiate traffic agreements alone, following a fall tariff levels, GATT advanced its roles and extended to non-tariff trade agreements and policies. It also covered for the domestic trade policies which had an impact on the nature of global trades. The success of this trade policy (GATT) was evidenced by the expansion in the contracting capacities of the interested states. Come 1994 (marking the end of Uruguay Round), more than 128 states had signed agreements to join the GATT. By 2001, after teaming up with the WTO, the membership grew to 144 countries (Bossche, 2008).

There are a number of significant differences between the GATT and WTO. GATT is a flexible institution originally established to bargain and deal-make transactional and trade agreements as its core objective with an ‘opt out’ option. On the contrary, WTO policies are applicable to all member states and are mainly subjected to settlement of disputes. Besides, WTO was a multilateral disciplines approach to regulations covering from environment, labor standards, and investment policies to rights. However, the concern about multilateral trade regulations was its inability to solve the divergent domestic market failures. Similarly, the implementation of those global regulations was feared for their ability to detrimentally interfere with the domestic trade regulations. WTO is therefore charged with the responsibility of creating codes of ethics and conduct to guide the member states. ...Download file to see next pagesRead More
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