World Trade Organisation (WTO)
Cite as https://mymun.com/ppdb/18362
Committee: World Trade Organization
Agenda : Assessment of Trade Barriers
Country : Paraguay
School : Yuvabharathi Public School
1. Trade barriers is one of the significant issues which troubles the WTO’s motto. According to the basic definition of trade, countries try to export a lot in order to gain profits rather than accepting the imports from other countries. There are four trade union namely, European Union (EU), Mercosur, Association of South East Asian Nations (ASEAN) and North Atlantic Free Trade Agreement (NAFTA). With having four different trade unions, there are four different trade practices taking place which is very difficult to have a follow up with the unions. Further the factors such as interest rates, unemployment rates, and inflations report decides the foreign exchange rate which is actually the major concern for trade. The fluctuating exchange rates is considered to be a troublesome issue which is proved by the present Greece debt crisis2, which the has shown that even after 2070 Greece won’t be able to pay back the debt. Countries also have their freedom to set the trade barriers with accordance to the agreement on General Agreement on Tariff and Trade (GATT)3 and agreement on Government Procurement4. But countries like US and some of the other developed countries aren’t following the standards instead raise the tariffs, provide a lot of subsidies and also involve into the act of embargo. The present trade war between US and China is considered to be the shaking terror trade war ever seen. Trump with special effort pointed the crime committed by China violating the intellectual property rights and raised the tariffs on the Chinese goods in order to maintain their balance of trade5.