International Trade

Table of Contents

Introduction1

Discussion2

WTO2

Reduction of Tariff Rates through Multilateral Negotiations4

Binding4

Prevention of Non-Tariff Barriers5

Key Events5

19475

19946

19956

19976

19986

19997

Key Issue7

Current News8

US - China Relationship and Loss of Employment8

A Decade of Protest and Reform against WTO10

World Bank Continues Work despite Upheavals, Uncertainty11

Trade with China Should Not Be Restricted12

Obstacles to Trade Agreements - United States15

U.S. Trade and Protectionism16

Conclusion19

References20

International Trade

Introduction

International trade involves the study of trade in goods and services between nations. The globalization process that integrates the world in the economic, political and cultural life has been a favorable environment for the expansion of international trade, with increasing participation of the different economies and economic actors in the global market. Thus, the world becomes the object of study of international trade professionals. Trade between nations has implications for decisions of the different actors involved in it, as the state that in order to achieve economic development and welfare of the population, an economic policy designed in the field of trade, exchange, fiscal, monetary and other, so the theoretical aspects which justify the exchange between nations and the design of trade policy become the basic foundation that guides the study of International Trade. The exchange of goods and services also includes time generated flows of capital and payment mechanisms in international transactions inherent in an international financial system. It also involves decisions on issues of international marketing, product positioning, market penetration strategies, and analysis of physical distribution and logistics decisions that integrate the entire supply chain business level (Piermartini 2004).

In this essay, we will be discussing the international trade in the context of news and events, as discussed by WTO (World Trade Organization). We will be exploring different events and current news by WTO to understand the area of International Trade and its relevant parties.

Discussion

Traditionally trade was regulated through bilateral agreements between two countries. With the belief in mercantilism for many centuries, the countries used to impose high tariffs and other critical restrictions on international trade. In the nineteenth century, especially in Great Britain, the belief in free trade took place, and this perspective has come to dominate the political calculus among Western countries until today. Since the end of World War II, several multilateral treaties have attempted to create a global structure of trade regulation.

Most of the countries communists and socialists believe in autarky, which implies the entire absence of international trade and budgetary needs are met through self-sufficiency. Despite these beliefs, all countries are involved in some international trade, as it is very difficult for one country to satisfy all their financial needs. Different contracts and agreements have been seen in this context. Out of such agreements, contract of sale is one that is explained in detail below (Parker et al. 2007):

The International Contract of Sale is an onerous contract that relates to the transfer of ownership of a movable or immovable product, against payment of the agreed price. The international contract of sale (referred to "consumer goods") does not necessarily require the written form for its validity, although it is preferable to cases where ...