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The World Trade Organization (WTO)

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Questions and Answers

What was the primary goal of the Reagan administration during the Uruguay Round of GATT?

To reassert the liberal vision of free trade (correct)

To limit the volume of international trade

To increase protectionism in international trade

To create the World Trade Organization (WTO) without negotiations

What was a key feature of agricultural trade despite liberalization efforts during the Uruguay Round?

Import quotas

Free trade

Protectionism (correct)

Export subsidies

What was the result of the Uruguay Round in terms of international trade volume?

An increase in international trade (correct)

No change in international trade

A complete elimination of international trade

A significant decrease in international trade

What was established to limit protectionist measures during the Uruguay Round?

New rules and regulations Signup and view all the answers

What was a significant outcome of the Uruguay Round in terms of institutional development?

The creation of the WTO Signup and view all the answers

What was the percentage of global trade accounted for by WTO members by 2012?

97 percent Signup and view all the answers

What is the primary function of the WTO?

To implement and negotiate new trade deals Signup and view all the answers

What is the main reason behind the failure of the Doha Round?

Disagreement between developed and developing countries on pharmaceutical patents Signup and view all the answers

What is the nickname of the Doha Round?

The Development Round Signup and view all the answers

What is the purpose of the Dispute Settlement Panels (DSP) in the WTO?

To rule on trade disputes Signup and view all the answers

What is the alternative to multilateral trade agreements suggested by critics of the Doha Round?

Regional trade agreements Signup and view all the answers

What is the primary focus of the majority of scholars and economists regarding international trade?

Promoting a liberal international trade system Signup and view all the answers

How often does the WTO organize a ministerial conference?

Every two years Signup and view all the answers

What was the main purpose of the General Agreement on Tariffs and Trade (GATT) formed in 1948?

To facilitate reciprocal and non-discriminatory trade Signup and view all the answers

What was the impact of the 1973 oil crisis on international trade?

International trade continued to grow, but at a lower rate Signup and view all the answers

What was the focus of the Tokyo Round of GATT (1973-1979)?

Dealing with nontariff barriers Signup and view all the answers

What was Japan's trade strategy during the 1970s?

Combining liberal trade policies with protectionist measures Signup and view all the answers

What is a key principle of the GATT?

Nondiscrimination and national treatment Signup and view all the answers