The advantages and disadvantages of Greece's membership in the WTO

The advantages and disadvantages of Greece's membership in the World Trade Organization

Greece's membership in the World Trade Organization has been extremely beneficial for them in terms of imports and exports. Roughly 50% of their exports are going to Europe, and because they are in the European Union, those exports would be going to Europe whether or not they had membership in the World Trade Organization. The other 50% of their exports are going to countries such as China, Egypt, Libya, and the United States; they wouldn't be trading with these countries without the World Trade Organization. The World Trade Organization has opened up many markets that wouldn't be otherwise accessible. 

Also, around 50% of Greece's imports are coming from Europe. The other 50% is primarily coming from Asia, Africa, and the United States, which relatively similar to their exports. This makes Greece's import situation very similar to their export situation. The World Trade Organization has granted them access to markets that wouldn't otherwise be accessible. 



The European Union and the World Trade Organization are negotiating heavily about tariffs. The World Trade Organization recently backed European Union imposed tariffs against American aerospace company, Boeing. These tariffs should benefit Greece. Because of the new tariffs against Boeing, European Union countries should buy more products from the European company Airbus, which theoretically will lead to more exports for Greece. 

Works Cited:

Hepher, T., & Shalal, A. (2020, September 29). WTO backs EU tariffs on $4 billion U.S. goods over Boeing subsidies: Sources. Retrieved December 16, 2020, from https://www.reuters.com/article/us-wto-aircraft/wto-backs-eu-tariffs-on-4-billion-u-s-goods-over-boeing-subsidies-sources-idUSKBN26K3Q0

Greece (GRC) Exports, Imports, and Trade Partners. (n.d.). Retrieved December 16, 2020, from https://oec.world/en/profile/country/grc/

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