There are two parts that the net effects consist of for small importing countries: First is the negative production efficiency loss, and the consumption efficiency loss, they are referred to as “deadweight losses.” So a tariff invoked by a small country will and must reduce national welfare. In other words, national welfare will fall when a small country invokes a tariff, the national welfare loss is larger, if a high tariff is set, again as with large countries small countries also redistribute the income to the producer and government recipients, while again the consumers lose. When a country is assumed small, there is no effect on the price in the rest of the world, which in turn causes no welfare changes for consumers and producers there, and the exports around the world are too small to have an impact.
Basic protection to domestic import competing industries is provided two ways, by a tariff or a ...
... middle of paper ...
...er on many levels, with the aim of ensuring greater coherence in global economic policymaking. A cooperation agreement between the two organizations, covering various aspects of their relationship, was signed shortly after the creation of the WTO.
Regular consultation: The IMF has observer status in certain WTO bodies, and may participate in meetings of certain WTO committees and working groups.
The WTO Agreements require that it consult the IMF when it deals with issues concerning monetary reserves, balance of payments, and foreign exchange arrangements..
Informal consultation between IMF staff and the WTO Secretariat takes place regularly regarding trade policy and global economic developments, as well as on advice for individual countries.
The Managing Director of the IMF and the Director General of the WTO consult regularly on a range of trade-related issues.
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