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Understanding Free Trade Agreements and GATT Article XXIV

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Understanding Free Trade Agreements and GATT Article XXIV

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Questions and Answers

What is the purpose of free trade agreements (FTAs) according to the text?

To create barriers and increase restrictions between member countries

To promote economic success and guarantee member countries privileged access (correct)

To limit economic success and impose higher trade restrictions

To discourage global trade and restrict market access

What is the main issue with the term 'substantially all the trade' as mentioned in the text?

It is not explicitly defined, leading to confusion and debates (correct)

It is too clear and well-defined, causing conflicts

It is irrelevant to the concept of free trade agreements

It does not pose any problems in the context of international trade

What is the proposed resolution for ensuring compliance with GATT Article XXIV regarding 'substantially all trade' in new free trade agreements?

Exempting certain countries from the requirement of 'substantially all trade'

Increasing restrictions and barriers for new free trade agreements

Ignoring the requirement of 'substantially all trade' in new agreements

Making sure that the definition of 'substantially all trade' is clear in new free trade agreements (correct)

What are the two options mentioned for current free trade agreements (FTAs) to comply with the new requirements?

Adjust to fulfill new requirements or maintain current conditions but allow other WTO members to join Signup and view all the answers

What would noncompliance with FTA terms on an MFN basis open the door to, according to the text?

WTO conflicts Signup and view all the answers

What is the role of FTAs in market access according to the text?

Vary market access within the global economic system Signup and view all the answers

How have FTAs evolved in relation to the requirement of 'substantially all the trade'?

Into a divisive conflict, covered in confusion and causing debates Signup and view all the answers

'Substantially all the trade' contained in GATT Article XXIV is meant to guarantee what in FTAs?

Widespread liberalization and lower restrictions Signup and view all the answers

What is causing multilateralization struggles within the global economic system according to the text?

'Substantially all trade' requirement in FTAs and its undefined nature Signup and view all the answers

'Substantially all the trade' requirement is found in which article of GATT?

Article XXIV Signup and view all the answers