ECONOMIC & SOCIAL COUNCILS
Economic and Financial Affairs Council (ECOFIN)
Chairs: Sohan Chakravorty & Ananaya Jain
Email: email@example.com & firstname.lastname@example.org
Topic A: Combating Global Trade Issues: A Look Into the WTO
The international community, from the streets of Mozambique to the wealth of Luanda, relies on cooperation via global trade. As the successor of the General Agreement on Tariffs and Trade (GATT), the World Trade Organization (WTO) stands as the pillar for the protection and regulation of world trade to limit the existence of trade barriers. A global union, the WTO has seen a variety of controversies arise in recent years as calls for its reorganization are made by developed and developing nations alike. Concurrently, the world has witnessed the rise of hegemonic powers like the People’s Republic of China, which has launched its own initiatives to spur trade, notably the Belt & Road Initiative. As developing nations look towards the future, and hope dwindles for revamping the WTO to aid all economies, more join states like China in smaller/bilateral agreements (SCO, BRICS, EU, AU, etc.) to find economic benefit. In this committee, delegates will discuss the existence of the WTO and trade agreements and draft resolutions to set standards for international economic policy and the future of the WTO.
Topic B: Ethics Behind Tariffs and Sanctions - Economic Responses to Global ConflictsIf globalization is defined as “the process by which businesses or other organizations develop international influence or start operating on an international scale,” how is it affected when countries hit the international “block” button? With the Russo-Ukrainian war prevalent, many countries and organizations have halted partaking in business with Russia. While some argue that it is demanded morally, countries such as Haiti and Cuba have been devastated by nations refusing to trade with them historically. Furthermore, ethical concerns may arise when it is seen that these tariffs affect the common people more than sovereign states. Even when not used as a countermeasure in times of conflict, tariffs are methods that countries such as the U.S use to promote domestic business, to the detriment of foreign businesses that operate in America. In this committee, delegates will discuss the ethical and financial natures of tariffs and sanctions, and will have to make decisions on how to enact policies regarding these on a global scale.