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How Successful Has The WTO Been In Tackling The Problems Posed By This Form Of Protectionism?
Member rating: No Rating | Words: | Submitted: Wed May 10 2006
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2. How Successful Has The WTO Been In Tackling The Problems Posed By This Form Of Protectionism? Protectionist measures are aimed at reducing the level of imports either because of the 'damage' they cause to particular domestic industries, or because of their adverse effects on the balance of payments. The objectives of the WTO are essentially the same as GATT's; that is to reduce tariffs and other barriers to trade and eliminate discrimination in trade. The aim of the WTO is to reduce tariff barriers, however, there are a number of circumstances in which a country will be allowed to maintain such barriers. 'Article 6 of the original GATT permits retaliatory sanctions if 'dumping' can be proven. Article 18 also provides a number of 'escape clauses' for the newly industrialising economies allowing some protection of both infant industries and their balance of payments. Article 19 permits any country to abstain from a...
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