IssuesMotivated For Choosing This Topic General Agreement on Tariffs and Trade (GATT) was a legalagreement between manycountries, whose overall purpose was to promote international trade bydecreasing or eliminating trade barriers such as tariffs or quotas.GATT was signed by 23 nations in Geneva on October 30, 1947, and theGATT officially took effect on January 1, 1948. It remained in effect till thetime it was signed by 123 nations in Marrakesh on April 14, 1994, of theUruguay Round Agreements, which established the World Trade Organization (WTO) on January 1, 1995.
The WTO was thesuccessor of GATT, and the original GATT text (GATT 1947) is still in effectunder the WTO framework, subject to the modifications of GATT 1994.The Norwegian economy is a developed mixedeconomy with state-ownershipin strategic areas. Although it is sensitive to global businesscycles, the economy ofNorway has shown a solid growth since the start of the industrial era. The country has a very high standard of living as compared with other European countries,and a strongly integrated welfaresystem. NORWAY IMPLEMENTS TRADE REFORMS AND STRENGTHENSITS COMMITMENT TO THE MULTILATERAL TRADING SYSTEM Norway has been a member of GATT since 10 July, 1948 and also a memberof WTO since 01st January,1995.
Instigated both by its membership in the European Economic Area (EEA) andby its implementation of the Uruguay Round results, Norway has taken steps toliberalize its economy, resulting in a better and stronger trade regime. According to a new WTO report on Norway’s trade policies and practices,the Norwegian economy now shows signs of continued growth, falling inflationand lower unemployment. Questions :- 1. Reasons for the continuous growth and othervariables. 2.
What were the steps taken by the NorwegianGovernment. Origin and Nature The origin of GATT was inspiredby the success of agreement for international monetary co-operation asreflected in the formation of the IMF, similar co-operation as reflected ininternational trade also was desired by many trading nations for expansion ofworld trade.During the International Conference on Trade and Employmentheld in 1946 at Havana, there was a proposal for establishing an agency calledthe International Trade Organisation(ITO) was made with the miscellaneousand general objective foremployement and maintaining world trade . Some countries took up one of the mostimportant issues of Havana Charter regarding the relaxation of TradeRestrictions by forming GATT. It wassigned in 1947 by 23 major trading countries.
GATT has more than 64 memebersnow. Under GATT the member nations meet atregular intervals to discuss and negotiate agreement to reduce the quota,tariffs and other related restrictions in International Trade. Basically it isa treaty that is collectively administered by the member nations. GATT has now changed into World TradeOrganization. The WTO took place on 01st January, 1995.
The WTO stillworks on the guidelines given in GATT 1994. Now it has become a permanentinternational operations to secure the conduct of International Trade. Literature Review Developing countries in the ITO and GATT negotiationsCitation:- JamesScott, (2010)”Developing countries in the ITO and GATT negotiations”, Journalof International Trade Law and Policy, Vol. 9 Issue: 1, pp.
5-24Abstract :- The literature examining theparticipation of developing countries in the General Agreement on Tariffs andTrade (GATT) and International Trade Organisation (ITO) negotiations generallysees their attitudes towards these projects as having been driven exclusivelyby a commitment to import substitution. This commitment, it is argued, leddeveloping countries to oppose many aspects of the GATT/ITO project,particularly the requirement for reciprocal tariff cuts. The purpose of thispaper is to focus on examining the critical period around the ultimately doomednegotiation of the Charter for an ITO and the process of creating the GATT.Design/Methodology/Approach:-This paper draws from GATT documents and from the literature on economichistory to give a more comprehensive account of the motivating ideasunderpinning developing countries attitudes to the post?war negotiations.NorwegianDairy Industry: A Case of Super-Regulated Co-OperativismCitation:- Reidar Almås, , JosteinBrobakk, (2012), Norwegian Dairy Industry: A Caseof Super-Regulated Co-Operativism, in Reidar Almås, Hugh Campbell (ed.
) RethinkingAgricultural Policy Regimes: Food Security, Climate Change and the FutureResilience of Global Agriculture (Research in Rural Sociology and Development,Volume 18) Emerald Group Publishing Limited, pp.169 – 189Abstract:- Dairyhas been the backbone of agriculture in regional Norway, and the processing ofmilk has been dominated by co-operatives owned by milk farmers. During thesocial democratic order (1945–1979), productivist agriculture thrived, while amore multifunctional agriculture was developed after 1980.
As a measure againstoverproduction, a quota system was introduced in 1983. The purpose of thisstudy is to see if there are signs of a neo-productivism revival after climatechange and other global shocks, like the food crisis, featured prominently onthe political agenda.Design/methodology/approach:- The chapterreviews the radical structural changes in Norwegian dairy production since theearly 1960s, which reduced the number of milk farms radically from 148,000 in1959 to almost 16,000 in 2009. According to the Agricultural Agreement betweenthe Norwegian government and the farmers’ organisations, the co-operatives aregiven an important semi-public role as market-price regulators and stockkeepers. This Norwegian system may be described as a classical regulated dairyregime.
The Norwegian dairy regime has been through several deregulations andre-regulations over the last 20 years, partly forced by internal pressures andpartly inspired by liberalisation tendencies abroad.Developing scenarios for theNorwegian travel industry 2025Citation:- Anniken Enger, Kåre Sandvik, Endre Kildal Iversen, (2015) “Developing scenarios for the Norwegian travelindustry 2025”, Journalof Tourism Futures, Vol. 1 Issue: 1, pp.6-18, https://doi.
org/10.1108/JTF-12-2014-0018Abstract :- TheNorwegian travelindustry faces decline in important international tourism segments and needs anindustry wide and future?orientedstrategy to face these challenges. Accordingly, a common understanding offuture drivers and different scenarios for the industry is needed.
The paperaims to discuss these issues.Design/methodology/approach:- Usingthe process of scenario analysis and drawing upon the involvement of thetourism industry, this paper describes the method, drivers, scenarios, andimplications. Future development oftourism Citation :- Dr Anton Würzl, (1980) “Future development of tourism”, The Tourist Review, Vol. 35 Issue: 2,pp.2-7, https://doi.
org/10.1108/eb057809Abstract :- Those who wish to look into thefuture are well advised to concern themselves first with the past, where allthings originate. Accordingly, it seems appropriate to quote Homer, the greatGreek poet, at the beginning of this presentation. TheIntegration of the Norwegian Oil Economy into the World EconomyCitation:- Lars Mjøset, , Ådne Cappelen, (2011), The Integration of the Norwegian Oil Economy into theWorld Economy, in Lars Mjøset (ed.) TheNordic Varieties of Capitalism (Comparative Social Research, Volume 28) EmeraldGroup Publishing Limited, pp.167 – 263Abstract :- Norway is a small nation state on the northernmostcoastline of Western Europe, integrated in the Western world economy.
Forcenturies Norway’s integration in the world economy had been based on exportsof raw materials such as fish and timber, as well as shipping services. In theearly 20th century, furnace-based metals (made possible by cheap hydropower)were added to this export basket. Just as the world economy entered anincreasingly unstable phase in 1970s, another natural resource was discoveredin Norway: petroleum – that is, oil and natural gas from the North Sea.
Design/methodology/approach:- This paper discusses about how the Norwegian Economywas introduced to Oil and thus analysis the challenges and possibilitiesinherent in the Norwegian strategy of developing an Oil economy in a worldeconomic situation influenced by new and stronger forms of internationalintegration through the four decades between 1970 and 2010. Current Situation 2010 – 2017 Norway has been growing sincethe agreement between WTO ( GATT ) and Norway was signed on 05thJune, 1996. The Norwegian economy nowshows signs of continued growth, falling inflation and lower unemployment. Theaverage growth rate of the Norwegian Economy grew by 3.5% and inflation at1.
4%. PUBLIC DEBT ( % of GDP ) Norway has recorded agovernment debt equal to 35.60 percent of the country’s GDP in 2016.
GovernmentDebt to GDP in Norway averaged 38.08 percent from 1980 until 2016, reaching anall time high of 53.70 percent in 1993 and a record low of 27.40 percent in2014. Public Debt to GDP is used tomeasure a country ability to make future payments on its debt, thus affectingthe country borrowing costs and government bond yields. · In terms of contribution to total valueadded at basic prices, the most important individual sector in Norway ispetroleum and natural gas extraction at approx 24%.
The contributions of the agriculture and fishingsectors have remained constant at less than 1% each, while the share of themanufacturing and mining sector has slightly increased to approx 10%. The weight of the service sector as a wholehas continued to increase, to more than 60% in 2007. · The Norway GDP is projectedto trend around 478.00 USD Billion in 2020, according to our econometric models.
EXPORTS· In 2016 Norway exported $89.4B, makingit the 30th largest exporter in the world. During the last five years theexports of Norway have decreased at an annualized rate of -14.431%, from $159Bin 2011 to $89.4B in 2016. The most recent exports are led by CrudePetroleum which represent 25.
5% of the total exports of Norway,followed by Petroleum Gas,which account for 23.1%.· Exports from Norway by 6.4 percent year-on-yearto NOK 76.81 billion in December of 2017, driven by natural gas (25.
8 pct);natural gas condensates (33.8 pct) and mainland exports (9.4 pct). Exports inNorway averaged 25778.
89 NOK Million from 1960 until 2017, reaching an all timehigh of 91186.74 NOK Million in January of 2014 and a record low of 449 NOKMillion in July of 1960.· In 2016 Norway imported $72.3B, makingit the 34th largest importer in the world.
During the last five years theimports of Norway have decreased at an annualized rate of -5.675%, from $91.8Bin 2011 to $72.3B in 2016. The most recent imports are led by Cars whichrepresent 7.12% of the total imports of Norway, followed by Passenger andCargo Ships, which account for 2.
96%.· Imports to Norway went up 5.7 percent from ayear earlier to NOK 52.10 billion in December of 2017, due to manufacturedgoods (11.4 pct); chemicals (22.
1 percent), and machinery and transportequipment (6.4 percent). Imports in Norway averaged 17391.
05 NOK Million from1960 until 2017, reaching an all time high of 84806 NOK Million in November of2017 and a record low of 696 NOK Million in July of 1960. LessonsLearnedThe smallScandinavian country of 5 million people does things differently. It has thelowest income inequality in the world, helped by a mix of policies that supporteducation and innovation. It also channels the world’s largest sovereign wealthfund, which manages its oil and gas revenues, into long-term economic planning.Norwayhas managed to translate economic growth into high and rising living standards,with a GDP per capita of $89,741, well above the average of $44,656 for 30advanced economies covered in our report.
Although the cost of living is alsohigh in Norway, when adjusted for purchasing power parity it still has thehighest median income of the economies we covered, at $60.4 per person per day.In the business sphere, it runs a Research Based Innovation (BIA) programmeallowing companies to apply for Research and Development (R) grants aslong as value is created not only for the company but for society too.Similarly, the SkatteFUNN R taxincentive scheme offers a tax credit to encourage R spending by Norwegiancompanies.Overall, Norway hasidentified the weaknesses that its economy is exposed to – such as oil priceshocks – and harnessed its natural strengths to deliver broad-based growth,employment and high living standards through long-term policies.
Calls for inclusivegrowth have mounted. While Norway is more fortunate than most, it does offersome valuable lessons to policy-makers from other parts of the world. FutureRecommendation Theoil and gas industry has played a vital role for the strong growth in theNorwegian economy over the past 40 years. if we disregard the oilsector’s contribution to growth for a moment, Norway’s mainland economy hasshown relatively robust developments.
The ripple effects from activities on thecontinental shelf to the wider economy have been wide-ranging. A growing numberof firms have targeted the oil industry. A state-of-the-art oil serviceindustry has emerged. For many firms, the contracts on the Norwegiancontinental shelf have been a springboard to new export markets.
· Norwayhave to Continue to ensure that strong macroeconomic policies cushion theNorwegian economy from external shocks, and equitably and sustainably manageits petroleum wealth. This includes a focus on the cost effectiveness of publicspending to ensure the now large oil wealth and tax revenue are well used.· Use structural policies to foster strongerproductivity growth and international competitiveness, and to smooth adjustmenttowards less medium-term dependence on petroleum. · Boost productivity through a moresupportive business environment and stronger competition.
· Getting the fiscal rule right, ensuringefficient tax and public spending