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WTO Objectives Overview

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Questions and Answers

What is the main purpose of the WTO's Most Favoured Nation principle?

To prioritize national security over international agreements

To allow preferential trade among selected countries

To guarantee equal trade benefits to all member nations (correct)

To impose tariffs on all member countries

Which of the following is NOT a goal of the WTO?

Promote regional trade agreements

Manage barriers to trade

Increase tariffs on imports (correct)

Facilitate international investment

What is one of the exceptions to the Most Favoured Nation principle?

Support for multinational corporations

Elimination of all tariffs

Trade only within the European Union

Promotion of infant industries (correct)

How does the WTO address issues of dumping?

By encouraging retaliation from affected nations Signup and view all the answers

What role does the WTO play in preventing balance of payment problems?

It encourages balanced trade practices among members Signup and view all the answers

What is a primary aim of the WTO regarding trade policies?

Facilitate international trade in goods and services Signup and view all the answers

Which of the following is considered an exception to the Most Favoured Nation principle?

Granting preferential treatment to developing nations Signup and view all the answers

How does the WTO respond to concerns regarding infant industries in newly industrializing countries?

Allows temporary protection measures Signup and view all the answers

Study Notes

WTO Objectives

Reduce tariffs and barriers to trade in goods, services, investments, and intellectual property (IP). This includes managing and facilitating these domains.
Implement the Most Favoured Nation (MFN) principle, ensuring non-discrimination among member countries.
Allow exceptions to the MFN principle under specific circumstances.
Permit retaliation for dumping practices.
Provide support for infant industries, particularly in newly industrialising countries.
Protect industries crucial for national security.
Prevent excessive imports and balance-of-payments issues.
Allow for regional trade agreements.

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Description

Explore the key objectives of the World Trade Organization (WTO) in this quiz. Learn about tariffs, the Most Favoured Nation principle, and the support provided for developing countries. Test your knowledge on international trade policies and their implications.