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Importance to regulate imports

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Develop a persuasive paper with a thesis statement on Summarizing GATT law and the WTO.

Why is it important to regulate imports?
What are non-Tariff barriers to trade.
How do these non-Tariff barriers affect management decisions.
What is GATT?
What is the primary function of the World Trade Organization (WTO)
How do parties settle trade disputes through GATT and the WTO.
Explain the liability of international carriers for
Air carriers
Sea carriers
Ocean intermediaries

Please provide references.

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Solution Summary

The expert determines the importance to regulate imports for thesis statements.

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Introduction:

Trade and trade barriers are issues that are inherent in any policies adopted by various nations. It is inarguable to state that a central tenet in trade economics is the significance of international trade as a means for higher living standards in various nations. This paper seeks evaluate GATT law and WTO, and their role in free international trade and protectionism.

Why it is important to regulate imports:

It is important to regulate imports within a country in order to protect the infant domestic industries in the country. Big international importers in most cases have a better competitive advantage as compared to the local industry and unregulated inflow of products in huge quantities can lead to the demise of the young domestic industries due to competition pressure. Another importance of regulating imports is so as prevent predatory pricing behaviors in the domestic market through activities such as dumping of products in the local market. This helps prevents the importation of materials that may be unsafe for the domestic country consumers. Another importance of regulating imports is so as to protect employment in certain industries that may be threatened with unregulated importation of some products (Elwell, 2006).

Regulating imports also helps in maintaining the social and moral values of a country by regulating the kind of materials that enter a country such as tobacco, alcohol, narcotic drugs or inappropriate entertainment materials that may be viewed as socially degrading and which may adversely affect the culture of a country. Unlike the scholars who argue that regulating imports hurts the domestic consumer by reducing their economic welfare through charging of high prices, it can be noted that this argument though right in the short term may be wrong in the long term where unregulated imports results to importation of unsafe products into the country which may make them worse off economically and health wise. It is though worthy to note that ...

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