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International Trade Law

March 5, 2016 | Author: | Posted in business, mathematics and economics

TRADE POLICY REVIEW IN BRAVADO

Report to the WTO General Council

This report , prepared for the first FORMTEXT Trade Policy Review of Bravado , has been drawn up by the WTO senior official on its own responsibility . He has , as required by the Agreement Establishing the Trade Policy Review Mechanism sought clarification from the Government of Bravado on its trade policies and practices

The Countries of the General Agreement on Tariffs and Trade (GATT established the Trade Policy Review Mechanism (TPRM ) on a trial basis in April 1989 as a key accomplishment [banner_entry_middle]

of the midterm review of the Uruguay Round . TPRM was subsequently incorporated into the Marrakesh Agreement Establishing the World Trade Organization (WTO . The principal objective of the TPRM is to contribute to improved adherence by all Members to rules , disciplines and commitments made under the Multilateral Trade Agreements . This is to be accomplished by achieving greater transparency in , and understanding of , the trade policies and practices of Members

Under TPRM , Trade Policy Reviews are carried out periodically by the WTO . The frequency of the review depends on size of the country . For the largest four trading entities , the review is done every two years , for the next 16 trading entities , it is done every four years and for the remaining members , every six years . Longer periods can be permitted for the least developed countries . Bravado is on a six-year cycle and was first reviewed in 1990 . The present Review was made at the request of the WTO Council under the Trade Policy Review Mechanism

Bravado has been party to the GATT since 1990 . It is also a participant in several bodies that deal with international economic matters . Bravado is an original Member of the WTO and grants at least Most Favorable Nation (MFN ) treatment to all its trading partners . It is regarded as a developing country because most of its export income is derived from agricultural products and raw materials such as nickel and coal . It has some manufacturing industries , which export motorcycles , clothing , and sports equipment , mainly to other developing countries . It is also trying to establish a computer industry for export purposes

Bravado is still in the process of incorporating some of the results of the Uruguay Round into domestic legislation . Bravado has notified several of its laws and other measures as required under the various WTO Agreements . At present , Bravado is struggling to develop its trading markets and the Government which has been in office for many years , is trying new ways of expanding trade . It has taken a number of measures both to develop new markets and to protect its industries from foreign competition . The most significant measures that it has taken concerns following areas

Quotas

Bravado has imposed quotas on the importation of clothing , so that its domestic clothing manufacturers have a guaranteed market for their produce . Import having a negative impact on Bravado ‘s textiles and clothing industry . It notes that , to some degree , the quotas have provided protection to the Bravadan industry… [banner_entry_footer]

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