WTO Flashcards
(7 cards)
1
Q
1947 GATT
A
Global Agreement on Trade and Tariffs
World trade organisation later took over
2
Q
WTO cover ____ of the products and services traded globally.
A
90%
3
Q
WTO Aims
A
-Increase Trade
-Member countries should treat other products equally to their own
4
Q
WTO Loophole
A
If you can argue restrictions in trade are needed to protect industry within a state or to protect the environment they can be implemented.
5
Q
WTO Criticism
A
Some argue that WTO doesn’t manage the global economy fairly favouring richer countries.
6
Q
Examples of Criticism
A
Rich countries are able to maintain high import duties and quotas in certain products
7
Q
Criticism in terms of Agriculture
A
The industry is highly protected in rich countries, whilst developing ones are pressed to open their markets.
