18 Questions
What was the primary goal of the Reagan administration during the Uruguay Round of GATT?
To reassert the liberal vision of free trade
What was a key feature of agricultural trade despite liberalization efforts during the Uruguay Round?
Protectionism
What was the result of the Uruguay Round in terms of international trade volume?
An increase in international trade
What was established to limit protectionist measures during the Uruguay Round?
New rules and regulations
What was a significant outcome of the Uruguay Round in terms of institutional development?
The creation of the WTO
What was the percentage of global trade accounted for by WTO members by 2012?
97 percent
What is the primary function of the WTO?
To implement and negotiate new trade deals
What is the main reason behind the failure of the Doha Round?
Disagreement between developed and developing countries on pharmaceutical patents
What is the nickname of the Doha Round?
The Development Round
What is the purpose of the Dispute Settlement Panels (DSP) in the WTO?
To rule on trade disputes
What is the alternative to multilateral trade agreements suggested by critics of the Doha Round?
Regional trade agreements
What is the primary focus of the majority of scholars and economists regarding international trade?
Promoting a liberal international trade system
How often does the WTO organize a ministerial conference?
Every two years
What was the main purpose of the General Agreement on Tariffs and Trade (GATT) formed in 1948?
To facilitate reciprocal and non-discriminatory trade
What was the impact of the 1973 oil crisis on international trade?
International trade continued to grow, but at a lower rate
What was the focus of the Tokyo Round of GATT (1973-1979)?
Dealing with nontariff barriers
What was Japan's trade strategy during the 1970s?
Combining liberal trade policies with protectionist measures
What is a key principle of the GATT?
Nondiscrimination and national treatment
Test your knowledge about the World Trade Organization (WTO), its establishment, functions, and objectives. Learn about its role in implementing trade agreements, resolving disputes, and providing technical assistance to developing countries.
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