Global Economics 2 Flashcards
1
Q
What is the WTO?
A
- World trade organisation
- 164 member states
2
Q
What are WTO’s trade objectives?
A
- Non-discriminatory
- Free from barriers (protectionism)
- Predictable
- Promoting fair competition
- Beneficial for developing countries through special provisions
3
Q
What is the WTO’s role?
A
- Set and enforce international trade rules
- Resolve trade disputes
- Provide a forum for negotiating trade liberalisation
- To moniter further trade liberalisation
- To increase transparency of the decision making process
- To help developing countries fully benefit from global trade
- Cooperate with other major economic institutions
