DIŞ TİCARET - Deneme Sınavı - 8

The GATT 1994 represents an umbrella agreement for the trade in commodities. The agreements and annexes under the auspices of the GATT 1994 are on agriculture, health regulations for farm products, pre-shipment inspection, textiles and clothing, rules of origin, safeguards, customs valuation methods, product standards, investment measures, import licensing, subsidies and counter measures and antidumping measures. Therefore, the correct choice is D.

'Trade diversion occurs when traded commodity is shifted from the lowest cost country that is out of the customs union (third country) to the relatively higher cost customs union member country' is the complete sentence. Therefore, the correct choice is E.

1748 Book of Montesquieu, titled The Spirit of Laws

Book of Machiavelli, titled The Prince, is the classical statement of the real politic.

World Bank is a group composed of five associated institutions: The International Bank for Reconstruction and Development, The International Development Association, The International Finance Cooperation, The Multilateral Investment Guarantee Agency and The International Center for Settlement of Investment Disputes.

The mission and functions of the IMF have been widened in time. The IMF’s new mission and functions can be classified under three groups: (1) Surveillance: The IMF monitors the economic policies of the member countries so as to maintain stability and avoid crises within the international monetary system. The IMF also gives policy assistance to member countries and promotes economic policies that would enhance economic stability, strengthen the economy for the negative effects of economic and financial crises and increase standard of living. (2) Financial assistance: One of the main responsibilities of the IMF is to give financial assistance to the member countries facing balance of payments problems. Member countries that have balance of payment deficits or surpluses prepare adjustment programs through close cooperation with the IMF. The IMF provides financial assistance upon the implementation of the adjustment program. In other words, financial assistance is subject to the implementation of the adjustment program designed in collaboration with the IMF. (3) Capacity development: The other main mission of the IMF is to assure technical assistance and training to support member countries to construct stronger and more efficient economic institutions and human capacity. Establishing more vigorous policies for taxation, monetary and exchange rate policies, supervision and regulation of banking and financial institutions, legislative systems, statistics and reporting (IMF, 2019a).

The GATT is neither an international organization nor an institution. It is simply an international agreement.

Year:1986-1994

Place:Geneva-Uruguay 

Negotiated subject:Tariffs, non-tariff restrictions, services, intellectual property rights, dispute settlement, textiles and establishment of the WTO.

Participant country:123

Today, there are thirteen countries that grant preferential access to their markets via implementing the GSP. These countries are Australia, Belarus, Canada, European Union, Iceland, Japan, Kazakhistan, New Zealand, Norway, Russia, Switzerland, Turkey and the US.

Bound tariff It represents the tariff ceiling that is committed. Once a tariff is bound, it cannot be increased over its ceiling.

The WTO was established on 1 January 2005 upon the decisions taken at the Uruguay Round.

Preferential Trade Agreement - Free Trade Area - Customs Union - Common Market  - Economic and Monetary Union

Book of Grotius, titled On the Law of War and Peace, is the first book on international law. (in 1625).

The aim of World Bank has altered from reconstruction to development.

The IMF’s new mission and functions can be classified under three groups:        I. Surveillance      II.  Financial assistance.    III. Capacity development

The GATT is neither an international organization nor an institution. It is simply an international agreement.

Dumping happens when a commodity is sold at a price less than its normal value at the foreign market. In other words, there is dumping when a commodity is exported with a price that is lower than its production cost.

The WTO operates as the successor of the GATT without terminating its existence.

Red tape is a term that refers to the excessive bureaucratic requirements and implementations of the countries

The other structure of WTO is Trade-related aspects of intellectual property rights.