WTO Flashcards
(9 cards)
What does the TWO help?
The WTO helps trade throughout the world to flow smoothly through its trade agreements. It provided members with a fair method to resolve trade disputes
What do members of the WTO agree to avoid?
They agree to avoid trade barriers which prevents trade warfare
Who is the WTO unfavourable towards?
It is unfavourable towards developig countries
Why is it necessary for developing economies to go through a period of tariff protection?
This enables them to protect new, emerging domestic industries
What does free trade prevent developing countries from doing?
It prevents developing countries from being able to develop industries. For example, it may be difficult to develop new industries without tariff protection
WTO trade deals still protect industries such as…
Agriculture and these protectionist tariffs primarily benefit richer nations
What do TRIPS allow firms to impliment?
It allows firms to implement copyrights. In areas such as life saving drugs it has raised the price and made it unaffordable
WTO has rules which favour…
TNCs
What doees the WTO favouring TNCs mean?
Developing countries cannot give preferance to local contractors and may have to choose foreign TNCs
