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Key Rules : (Most Favoured Nations) MFN Treatment : MFN treatment means treating trading partners equally. National Treatment : National Treatment, Equal Treatment of National Treatment for foreigners and nationals. Transparency : Transparency means the governments must setup enquiry points within their bureaucracies. Regulations : Objective and Reasonable : Governments should regulate services reasonably, objectively and impartially. Intellectual Property : Protectiona and Enforcement of Rights : It is important that creators have the right to draw advantage from their inventions, designs and other creations. These rights are known as Intellectual Property rights They take number of forms. For e.g. books, paintings and films come under copyright protection, inventions can be patented and brand names and product logos can be registered as Trademarks.
TRIPS Agreement : The TIRPS Agreement was constructed as an attempt to narrow the gaps in the way these right are protected around the world and to bring them under common international rules. TRIPS Agreement covers five broad areas : 1.How basic principles of the trading system and other international intellectual property agreement should be applied, 2.How to give adequate protection to intellectual property rights, 3.How countries should enforce those rights, 4.How to settle dispute on intellectual property among members of the WTO, and 5.Special transitional arrangements during the period when the new system is being introduced.
International Organisations
The following are International economic organisations 1. International Monetary Fund (IMF) 2. World Bank (WB) 3. World Trade Organization (WTO) 4. International Finance Corporation (IFC) 5. Asian Development Bank (ADB) 6. United Nations Conference on Trade and Development (UNCTAD) 7. United Nations Industrial Development Organisation (UNIDO) 8. International Trade Centre (ITC) 9. General System of Preferences (GSP) 10. General System of Trade Preferences among Developing Countries (GSTP)
2] Special Lending Facilities : Supplement Reserve Facility (SRF) : Supplement reserve facilities are intended to help member countries experiencing exceptional BoP problems created by a large short from a sudden and disruptive loss of market confidence Contingent Credit Lines (CCL) : The CCL is intended to be a preventive measure, solely for members concerned about their potential vulnerability to contagion but not facing a crises at the time of the commitment. 3] Concessional Lending Facilities : Poverty Reduction and Growth Facility (PRGF) : PRGF programmes are expected to be based on a strategy designed by the borrowing country to reduce poverty. 4] Other IMF Policies : Emergency Assistance : The IMF provides emergency assistance to member facing BoP difficulties caused by a natural disaster. Emergency Financing Mechanism (EFM) EFM to be used in rare circumstances representing or threatening a crises in a members external accounts.
Financing Policies : The WB finances all kinds of infrastructure development such as roads, railways telecommunication, ports and power. 1. Structure Adjustment Lending (SAL) : Structure adjustment lending is designed to achieve a more efficient use of resources and contribute to a more sustainable BoP in the maintenance of growth in the face of server constraints. 2.Special Action Programme (SAP) The object of the SAP is to help countries implement adjustment measures and high priority projects.
WTO and India : India became a founder member of WTO by ratifying the WTO agreement on December 30, 1994. The critics believe that the new policies have developed a dependency syndrome on the international market and the Indian economys fortunes have been geared to it.
IFC and India : The IFC has identified five priority areas in India for its activities, which are capital market development, FDI, access to foreign markets, equity investments and infrastructure.