TARL07B

The WTO was instituted on ___________ after the long and intense Uruguay Round of Negotiations. The Philippines is one of the founding members of the WTO, alongside several AMS. namely, Brunei Darussalam, Indonesia, Malaysia, Myanmar, Singapore, and Thailand.

The only global international organization dealing with the rules of trade between nations rattled in their the WTO agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.

GATT developed rules for the Multilateral Trading System (MTS) through ______ rounds of trade negotiations. In the early years, the GATT trade rounds focused on reducing tariffs.

The following are the main objectives of the WTO, except for one:

• To ensure a large and steadily growing volume of real income and effective demand

• To expand the production of and trade in goods and services while allowing for the optimal use of the world resources in accordance with the objective of sustainable development

• To make positive efforts to ensure that developing countries and especially the least developed among them, secure a share in the growth in international trade commensurate with their economic development

• To make recommendations to ensure the uniform interpretation and application of the Convention

A fundamental principle of the WTO wherein its members need to know trade rules around the world, and that trade measures will not be raised/introduced arbitrary (predictability).

A Law that was passed by the Philippine Government as its commitments under the WTO that modified the nomenclature and MN duties on certain IT products to implement Philippine Tariff commitments under its ITA Expansion Schedule.

A Law that was passed by the Philippine Government as its commitments under the WTO that modified the nomenclature and MN duties on certain IT products to implement Philippine Tariff commitments under the ITA.

The term that refers to the commitment by WTO Members not to increase a tariff rate beyond its bound rate. The binding of tariff in the WTO provides a stable and predictable basis for Trade.

An Agreement that covers products from the Harmonized System (HS) Code Chapters 1 to 24 excluding fish and fish products plus certain products in Chapters 29, 33, 35, 38, 41, 43,50, 51, 52, and 53. The Parties to the Agreement, including the Philippines entered binding commitments on market access, domestic support, export competition, and an agreement on sanitary and phytosanitary issues.

A term refers as the pre-negotiated minimum access value are set for agricultural products at low tariff rates.