10 Questions
What principle in the GATT and WTO focuses on the design, implementation, updating, and enforcement of procedures, rules, and guidelines?
Rules-based principle
Which country became the global leader after World War II and wanted postwar globalization to be based on international institutions?
United States
What was the US Congress hesitant to do in terms of trade policy post-World War II?
Bind its hands with a new international organization
What organization was not created like the International Monetary Fund to support postwar globalization according to the text?
Formal organization
Which principle in the GATT and WTO states that the world trade system should focus on rules, not results?
Constitutional principle
What is the focus of the GATT and now the WTO in terms of trade agreements?
Enforceable commitments
Which principle in the GATT and WTO emphasizes treating all trading partners equally?
Reciprocity
What aspect of trade agreements involves making information accessible to all relevant parties?
Transparency
What term is used to describe mechanisms in trade agreements that allow for flexibility in certain circumstances?
Safety valves
What is the term for the rate of protection that is actually provided by a country's tariff structure?
Effective tariff rate
Learn about the concept of reciprocation in international trade agreements, where nations can retaliate if another member undoes the gains from a previous agreement. Explore the flexibility and safety valves provided in trade agreements to address domestic pressures.
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