WTO

Question 1

When did WTO form?

Answer 1

1995, after GATT

Question 2

How many countries are involved?

Answer 2

164

Question 3

What % of trade does it account for?

Answer 3

98%

Question 4

what is the objective of the WTO

Answer 4

to help its members use trade as a means to raise living standards, create jobs and improve peoples lives.

Question 5

what do WTO agreements cover?

Answer 5

goods, services and IP

Question 6

what type of system is the WTO?

Answer 6

a multilateral trading system

Question 7

What does the WTO set out?

Answer 7

legal grounds for international commerce

Question 8

what are the foundation principles of the WTO?

Answer 8

Non-discrimination, Openness, stability, transparency, competitive environment and benefitting LIC’s

Question 9

How does the WTO ensure Non-discrimination

Answer 9

Its MFN policy, Most-favoured-nation. ensuring tariffs are blanket across all WTO members.
However Free trade agreements can be used as a loophole to offer specific tariffs to certain members

Question 10

How does the WTO ensure openness between members?

Answer 10

anti-protectionist measures with import bans and quotas restrict quotas responsibility

Question 11

how does the WTO stay competitive

Answer 11

by eliminating unfair practices such as government subsidies to exporters or dumping products below market price

Question 12

over the past 50 years, how much has merchandise exports changed?

Answer 12

avg 6% a year

Question 13

how much do the USA contribute to the WTO 2022 budget

Answer 13

12%

Question 14

how much does China contribute to the WTO 2022 budget

Answer 14

10%

Question 15

how much does Germany contribute to the WTO 2022 budget

Answer 15

7%

Question 16

how much does the UK and France contribute to the WTO 2022 budget

Answer 16

4%

Question 17

What is the smallest contribution a country can make to the WTO’s budget

Answer 17

0.015%

Question 18

How many disputes have been solved in the WTO dispute settlement system?

Answer 18

350

Question 19

How many disputes have been to the WTO dispute settlement system?

Answer 19

615

Question 20

strengths of the WTO dispute settlement system

Answer 20

mechanism to ensure member rights
WTO agreement can be enforced
provides a forum for those challenged to defend themselves

Question 21

weaknesses of the WTO dispute settlement system

Answer 21

takes years to resolve, economic damage is still done with little/no compensation
no interim relief/measures
if challenge overturned, no compensation for economic harm suffered

Question 22

Who has been under complaint the most

Answer 22

developing countries in nearly 2/3s

Question 23

Are all cases followed through to the end?

Answer 23

no, most are settled in earlier stages