competition success review

competition success review

competition success review Published this article page no  130 What are FTAs and other types of trade agreements? FTAs are arrangements between two or more countries or trading blocs that primarily agree to reduce or eliminate customs tariff and nontariff barriers on substantial trade between them. FTAs normally cover trade in goods (such as agricultural or industrial products) or trade in services (such as banking construction trading etc.) but can also cover other areas such as intellectual property rights (IPRs) investment government procurement etc. Other types of trade agreements (Refer infographic) o Preferential Trade Agreement (PTA) In a PTA two or more partners agree to reduce tariffs on agreed number of tariff lines. For example India MERCOSUR PTA. o Comprehensive Economic Cooperation Agreement (CECA) and Comprehensive Economic Partnership Agreement (CEPA) These terms describe agreements which consist of an integrated package on goods services and investment along with other areas including IPR competition etc. The India Korea CEPA is one such example. o Custom Union In a Customs union partner countries may decide to trade at zero duty among themselves however they maintain common tariffs against rest of the world. An example is Southern African Customs Union (SACU). o Common Market A common market is a Customs Union with provisions to facilitate free movements of labour and capital harmonize technical standards across members etc. European Common Market is an example. o Economic Union Economic Union is a Common Market extended through further harmonization of fiscalmonetary policies and shared executive judicial & legislative institutions. European Union (EU) is an apt example of this type. KEY GLOBAL INSTITUTIONS Institution Important Information World Trade Organisation (WTO) WTO (HQ Geneva Switzerland) is the successor to the General Agreement on Tariffs and Trade (GATT) as the only global international organisation dealing with the rules of trade between nations. It was established on 1 st January 1995 after successful completion of Uruguay Round Negotiations (198694). It has 164 members (since July 2016) representing 98% of world trade with Ngozi OkonjoIweala as its current DirectorGeneral. ○ She is the first woman as well as the first African to become WTO DirectorGeneral. Goal To ensure that trade flows as smoothly predictably and freely as possible. WTO Flagship Publications World Trade Report World Trade Statistical Review. International Monetary Fund (IMF) IMF (HQ Washington DC USA) is a specialized UN Agency conceived in 1944 with 44 countries at the United Nations Bretton Woods Conference in New Hampshire USA. It monitors the economic and financial policies of its 190 member countries providing policy advice to nations for promotion of international financial stability and monetary cooperation. It also facilitates international trade sustainable economic growth employment and global poverty reduction to raise living standards. IMF Flagship Publications World Economic Outlook Global Financial Stability Report Fiscal Monitor External Sector Report. World Bank competition success review buy.

competition success review