International Trade and Finance Law Essay Example | Topics and Well Written Essays - 2000 words

International Trade and Finance Law - Essay Example This paper is a critical analysis of the Bali Agreement. According to Baldwin, Kawai and Wignaraja (2014), the Bali Agreement forged a consensus on the following issues: a development program for Least Development Countries (LDCs), more Agricultural production and Trade facilitation. First, the LDC program was the least contentious of the three areas of negotiation, principally because the letter and spirit of these programs are best attempts to improve the economic status of the underdeveloped world rather than prompting the member states to agree to binding commitments. King (2013) noted that WTO members restated their determination to eliminating unfavourable trade tariffs, quota freedom and better market access for the LDCs. However, the real developmental benefits continue to be questionable. A limited export opportunity for LDCs implies anything less than absolute coverage will be immaterial in practice. Regardless, tariffs are declining rapidly, so the benefits of Duty-free and quota-free (DFQF) regimes are following the same trend. In Amoco Oil Company v The United States, United States Court of Appeals [1984] 749 F.2d 1576, for instance, the court used the platform provided by the case to eliminate trade barriers in its decision that tax duties on imports should not be calculated based on the content of the shipments (Baldwin, Kawai, & Wignaraja, 2014). As such, improvements of regulations in countries of origin for products and non-duty hindrances would have generated better outcomes to LDCs, considering that these are the hindrances to free market access. After one-decade-and a half of service waiver occasioned by WTO members providing preferential market opportunities on service business to the underdeveloped world without having to affect the position of their developed partners was passed in 2011 by WTO Ministerial