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Questions and Answers
When did the WTO commence?
When did the WTO commence?
What was the main focus of the GATT agreement?
What was the main focus of the GATT agreement?
What was the purpose of the Uruguay Round?
What was the purpose of the Uruguay Round?
How many countries ratified their accession to the WTO as of July 2016?
How many countries ratified their accession to the WTO as of July 2016?
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What was the initial objective of the GATT in 1947?
What was the initial objective of the GATT in 1947?
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Which country was suspended from participating in GATT and dissolved in 1992?
Which country was suspended from participating in GATT and dissolved in 1992?
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What is the primary function of the World Trade Organization?
What is the primary function of the World Trade Organization?
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What is the origin of the WTO's current work?
What is the origin of the WTO's current work?
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What is the main approach for WTO members to promote economic growth and development?
What is the main approach for WTO members to promote economic growth and development?
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What is the purpose of the WTO's dispute settlement mechanism?
What is the purpose of the WTO's dispute settlement mechanism?
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What does the WTO help member countries with when they face trade barriers?
What does the WTO help member countries with when they face trade barriers?
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What is covered by the WTO's trade agreements?
What is covered by the WTO's trade agreements?
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Study Notes
The World Trade Organization (WTO)
- The WTO deals with the rules of trade between nations at a global or near-global level.
- The WTO is an organization where member governments discuss trade problems, and its work is based on negotiations.
- The WTO's current work comes from the Uruguay Round (1986-1994) and earlier negotiations under the General Agreement on Tariffs and Trade (GATT).
Functions of WTO
- The WTO helps member countries facing trade barriers through negotiations to liberalize trade.
- It sets rules to maintain trade barriers, such as protection to consumers and prevention of the spread of disease.
- The WTO provides a framework for negotiating trade agreements and a dispute settlement mechanism.
WTO Creation
- The WTO commenced on January 1, 1995, but its trading system is half a century older.
- The General Agreement on Tariffs and Trade (GATT) had provided the rules for the system since 1948.
- The WTO was created as a result of the Uruguay Round (1986-1994) and replaced GATT.
WTO Coverage
- The WTO covers trade in services and trade-related aspects of intellectual property rights.
- It deals with the regulations of trade between participating countries.
Membership
- The Philippines is one of the founding members of the WTO, along with several other ASEAN Member States countries.
- As of July 2016, the WTO has 164 member countries.
- Liberia and Afghanistan were the newest members to accede to the WTO in July 2016.
Main Objectives of WTO
- The WTO's main objectives are to:
- Raise living standards
- Ensure full employment
- Ensure a large and steady growing volume of real income and effective demand
- Expand the production of and trade in goods and services while allowing for the optimal use of the world's resources in accordance with the objectives of sustainable development
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Description
Test your knowledge of the World Trade Organization, its role in global trade, and its history. Learn about the WTO's functions, negotiations, and agreements that shape international trade. Take this quiz to understand the WTO's significance in the global economy.
