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20-11-2019, 01:18 AM
1

WTO out the Window?

According to a piece in today's SMH the WTO may cease to function on 10th December.

https://www.smh.com.au/business/mark...19-p53bxw.html

The Trump administration’s visceral aversion to multilateral institutions and its fixation with trade issues means that in three weeks’ time the World Trade Organisation may, at a practical level, cease to function.

On December 10 the terms of two members of the WTO’s Appellate Body, the ultimate adjudicator of trade disputes, will expire.

That body is supposed to have seven members but since Trump became president the US has been blocking appointments to the panel.
President Donald Trump has threatened to pull the US out of the WTO.

It’s now down to only three members – the minimum number with which it can operate – so once the terms of two of the three remaining members expire the appeals body won’t have a quorum and will be unable to function. The WTO would be impotent and irrelevant.
Some members here have mentioned the WTO rules in relation to Brexit BUT what happens to world trade if there are no WTO rules? Especially to countries with no free trade agreements after the 10th December?
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20-11-2019, 04:49 AM
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Re: WTO out the Window?

Originally Posted by Bruce ->
According to a piece in today's SMH the WTO may cease to function on 10th December.

https://www.smh.com.au/business/mark...19-p53bxw.html



Some members here have mentioned the WTO rules in relation to Brexit BUT what happens to world trade if there are no WTO rules? Especially to countries with no free trade agreements after the 10th December?
Survival of the fittest..(Richest?)
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20-11-2019, 07:56 AM
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Re: WTO out the Window?

What would happen?
Simple. They would re-brand WTO and call it something else.
No change.
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20-11-2019, 08:11 AM
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Re: WTO out the Window?

Originally Posted by Floydy ->
What would happen?
Simple. They would re-brand WTO and call it something else.
No change.
I don't think so. Nations and individual companies take other nations to court over breaches of WTO trade rules and sanctions can be applied if they are successfull. With no enforcement available the rules become totally meaningless. As the article says anarchy will rule unless a board is appointed.
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20-11-2019, 08:33 AM
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Re: WTO out the Window?

Originally Posted by Floydy ->
What would happen?
Simple. They would re-brand WTO and call it something else.
No change.
Yep, the World Trump Organization.
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20-11-2019, 01:54 PM
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Re: WTO out the Window?

I have never really understood why we need trade rules anyway. Just trade with the Countries that give us the best deals. Just me being ignorant of the facts I'm afraid.
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20-11-2019, 02:30 PM
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Re: WTO out the Window?

Originally Posted by Longdogs ->
I have never really understood why we need trade rules anyway. Just trade with the Countries that give us the best deals. Just me being ignorant of the facts I'm afraid.
As we are a nett importer LD, Surely we will be in a good position
if the WTO goes tits up, as all the countries that have things to
sell will be looking for someone to sell them to ?
And as we seem to be existing mainly by providing financial
products or services which seem to be subject to less regulations
than physical products, then we should have a head start on
other countries that rely on actual products?
My reasoning is slightly tongue in cheek! But what do you think?

Regards bDonkeyman!
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20-11-2019, 03:06 PM
8

Re: WTO out the Window?

Originally Posted by Bruce ->
According to a piece in today's SMH the WTO may cease to function on 10th December.
Some members here have mentioned the WTO rules in relation to Brexit BUT what happens to world trade if there are no WTO rules? Especially to countries with no free trade agreements after the 10th December?
Simple. Market forces.

We buy from whoever offers the best deals.

We export very little in the way of materials, but offer many services including such things as university tuition. Our best universities are in great demand all over the world. People will still pay to come here.

A possible or even likely outcome would be that more and more nations are going to agree free-trade terms more quickly than would happen today. Exactly what we want when we're out of the EU.
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20-11-2019, 08:04 PM
9

Re: WTO out the Window?

To be honest, i applaud what Trump is doing regarding the WTO because he feels (rightly in my opinion) that no one is taking the issue of China's decades abuse of businesses and countries Intellectual Property, Copyrights and other trade protections seriously. China consistently and persistently steals from other countries and businesses from around the world, makes copies and sells them.

The WTO who is supposed to stop countries from doing this and introduce heavy penalties if they do but they are not. Not once has the WTO put heavy pressure on China to stop stealing IP, copyright and trade protections from other countries and businesses. China just sticks two fingers up into everyone's face and blazingly rips off everyone else.

Trump is now taking a stand. First he blocked WTO nominations, then he increased tariffs on Chinese goods because as he rightly says 'no one is stopping China from breaking trade law'. Everyone else is told to follow the rule of law when it comes to trading with other countries but China is allowed to get away with it. Finally someone has the balls to take a stand.
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21-11-2019, 12:33 AM
10

Re: WTO out the Window?

WTO replaced GATT as I understand it and it protects trade against unfair tariffs, subsidies, cartel behaviour and dumping.

How would you feel if your biggest trading partner the EU decided on a, say, 25% tariff on the import of British goods after Brexit over that imposed on any other non member nation? What would be the remedy without the WTO?

China might have annoyed Trump but they are treated as a 'developing' nation under WTO rules and China didn't break any rules. Whether they should continue being treated as a developing nation is a moot point but they are not breaking WTO rules otherwise America would have the ability to take them before the WTO tribunal.
 
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