Part 4: Module 4.1 Lesson 1: The World Trade Organization (WTO) Flashcards
1
Q
how was the WTO was formed
A
1948: General Agreement on Tariffs and Trade (GATT) established after WWII by 21 countries
1948-1995: GATT established multilateral trading system through various “rounds” of negotiations
1995: by 80’s system needed overhaul which led to ‘Uruguay Round’ and eventually formation of World Trade Organization (WTO) in 1995.
2
Q
describe the General Agreement on Tariffs and Trade (GATT)
A
3
Q
define the terms “Most Favoured Nation” and “National Treatment”
A
4
Q
cite the GATT Rounds
A
5
Q
describe the significance of the Tokyo and Uruguay Rounds
A
