ECONOMIC UNION. 1.1 An Economic Union to be called the Eastern Caribbean Economic Union is hereby established.
1.2 The parties to this Protocol under Article 24 of the Treaty of Basseterre Establishing the Organisation of Eastern Caribbean States Economic Union (hereinafter referred to as "the Principal Treaty") shall be the Members of the Economic Union (hereinafter referred to as "Protocol Member States").
1.3 The Economic Union shall operate over the territorial jurisdictions of the Protocol Member States (which jurisdictions are hereinafter collectively referred to as "the Economic Union Area").
1.4 The régime of this Protocol shall in the relations of the Protocol Member States among themselves supersede that of the Agreement Establishing the East Caribbean Common Market.
ECONOMIC UNION. It is a Common Market extended through further harmonisation of fiscal/monetary policies and shared executive, judicial & legislative institutions.
ECONOMIC UNION. It is a common market, where member countries coordinate on their macro-economic and exchange rate policies. An economic union is a trade bloc which are composed of common market with the customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (Land, Labour, Capital and Enterprise) and common external trade policy. ⮚ WTO'S Head-Quarter is located in Geneva, Switzerland. ⮚ Currently, WTO has 164 members and India is a founding member of WTO. ⮚ Director-General of WTO is Xxxxxxx Xxxxxxx. ⮚ After the end of World War-II, various international organizations were formed to facilitate collaboration between countries in dealing with economic, social, and technical problems. ⮚ For the development of world economy and seamless trade among all the countries, a dire need was felt for an international organization for regulating international trade. ⮚ In 1945, a conference was known as the Bretton Xxxxx Conference (by two Xxxxxxx xxxx institutions- IMF and World Bank) was held for the creation of International Trade Organization (ITO) which finally could not be ratified due to lack of approval by the US and many other major countries. ⮚ As the US was emerging world power after World War-II, hence the creation of ITO without the US was meaningless. ⮚ Meanwhile, through negotiations, a multilateral agreement was concluded in 1947 known as the General Agreement on Tariffs and Trade (GATT). ⮚ Various conferences of GATT were held on periodic intervals for negations on trade. Finally, during the Uruguay round of conference held from 1986-1994, agreement on the creation of WTO was finally ratified through the Marrakesh Agreement. ⮚ India has been a member of GATT since 1948 and a founding member of WTO. China joined WTO only in 2001 and Russia in 2012. ⮚ Uruguay Round - The seeds of the Uruguay Round were sown in November 1982 at a ministerial meeting of GATT members in Geneva. Although the ministers intended to launch a major new negotiation, the conference stalled on agriculture and was widely regarded as a failure. In fact, the work programme that the ministers agreed to formed the basis for what was to become the Uruguay Round negotiating agenda. The challenges of Uruguay Rounds were discussed, and the outcome of these challenges was, WTO, which has gone through the 'Marrakesh Agreement' in 1994. It did already include commitments to reopen negotiations on agriculture ...
ECONOMIC UNION provides for the Establishment of an Economic Union and states as follows:-
