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advantages and disadvantages of GATT in the philippine economy.
ADVANTAGES IN THE PHILIPPINE ECONOMY:
-Cheap labor
-Few environmental and labor regulations
-Reduced individual competition and helped globalization
-Lowers the prices of goods because tax and tariffs are not that stiff for member countries
-It helps trade to flow smoothly
-It deals with disputes over trade
DISADVANTAGES IN THE PHILIPPINE ECONOMY:
-Low skill workforce
-Questionable legal enforcement
-Rules are not fair
-The WTO has too much power compared with other international organizations. The decisions that it makes take precedence over agreements on the environment and international law, for example
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