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?

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

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

    <p>WTO conflicts</p> Signup and view all the answers

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

    <p>Vary market access within the global economic system</p> Signup and view all the answers

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

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

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

    <p>Widespread liberalization and lower restrictions</p> Signup and view all the answers

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

    <p>'Substantially all trade' requirement in FTAs and its undefined nature</p> Signup and view all the answers

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

    <p>Article XXIV</p> Signup and view all the answers

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