Workd Trade Organisation (WTO)

Question 1

World trade organisation(WTO)

Answer 1

International organisation that regulates world trade

Question 2

WTO’s ideal world trade

Answer 2

Non-discriminatory
Free from barriers/ protectionism
Predictable
Promotes fair competition
Beneficial for developing countries

Question 3

Role of WTO

Answer 3

Set and enforce rules of international trade
Resolve trade disputes
Provide a forum for negotiating liberalisation
To monitor further trade liberalisation
Increase transparency of decision making process
Help developing countries benefit
Cooperate with other major economic institutions

Question 4

How WTO conflicts with trading blocs

Answer 4

Distort world trade
Averse effects on non- member states
Inefficient allocation of resources
Increased protectionism
WTO loses power as trading blocs become more powerful