Overview
This module introduces regulations in place to liberalize, restrict, and/or otherwise govern international trade for both advanced capitalist nations and developing nations.
International Trade
International trade is subject to trade regulations and industrial policies. The Kingdom of Saudi Arabia is also subject to these regulations because of signed trade treaties or membership in various trade organizations. For this week’s discussion, please:
- Discuss Saudi Arabia’s participation in the World Trade Organization (WTO)and compare and contrast the Kingdom’s WTO involvement with its participation in the Gulf Cooperation Council, League of Arab States, and the Trade and Investment Framework Agreement (TIFA) Saudi Arabia signed with the United States.
- Which membership or trade agreement benefits Saudi Arabia the most?
Directions:
- Discuss the concepts, principles, and theories from your textbook. Cite your textbooks and cite any other sources if appropriate.
- Your initial post should address all components of the question with a 500 word limit
Learning Outcomes
- Examine the history and purposes of trade regulation and policy.
- Describe the origins and workings of the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO).
- Evaluate the activities of the WTO.
- Critically evaluate justifications for various trade regulatory and policy options.
Readings
Required:
Chapter 6 in International Economics
The World Trade Organization. (n.d.). WTO | Understanding the WTO - principles of the trading system. World Trade Organization. Retrieved October 11, 2023, from https://www.wto.org/english/thewto_e/whatis_e/tif_e/fact2_e.htm
Recommended:
Chapter 6 PowerPoint slides
Cha, Y., & Koo, G. (2021). Who embraces technical barriers to trade? The case of European REACH regulations. World Trade Review, 20(1), 25-39. https://doi.org/10.1017/S1474745620000130