WTO Knowledge Challenge

What are the main principles of the WTO?

• Unilateralism, exclusivity, and secrecy

• Protectionism, isolationism, and favoritism

• The main principles of the WTO are non-discrimination, reciprocity, and transparency.

• Discrimination, imbalance, and opacity

How does the WTO settle disputes between member countries?

• The WTO settles disputes through a structured process that involves consultations, panels, and the Appellate Body.

• The WTO settles disputes through a majority vote by all member countries

• Disputes are settled through direct negotiations between the involved member countries

• The WTO settles disputes by referring them to the United Nations for resolution

Name one of the key agreements under the WTO.

• The European Union (EU)

• The Trans-Pacific Partnership (TPP)

• The General Agreement on Tariffs and Trade (GATT)

• The North American Free Trade Agreement (NAFTA)

What are some of the impacts of the WTO on developing countries?

• Some impacts of the WTO on developing countries include increased market access, economic growth, and access to international trade rules. However, there are also concerns about unequal power dynamics and negative effects on local industries.

• Positive effects on local industries

• Limited access to international trade rules

• Decreased market access and economic growth

What was the predecessor of the WTO?

• NATO (North Atlantic Treaty Organization)

• UNICEF (United Nations International Children's Emergency Fund)

• WHO (World Health Organization)

• GATT (General Agreement on Tariffs and Trade)

What are the objectives of the WTO?

• To promote environmental conservation

• To regulate international currency exchange rates

• The objectives of the WTO are to facilitate trade, enforce trade agreements, provide a forum for trade negotiations, and settle trade disputes.

• To provide healthcare access to developing countries

Explain the process of trade rule-making in the WTO.

• WTO trade rules are made by the Secretary-General without member countries' input

• The process of trade rule-making in the WTO involves negotiations among member countries to reach consensus on new trade rules, which are then formalized and implemented through the WTO's decision-making process.

• The process of trade rule-making in the WTO is determined by a single country's decision

• Trade rules in the WTO are made through a voting system among member countries

How does the WTO promote transparency in trade policies?

• The WTO promotes transparency in trade policies by requiring its member countries to regularly notify the organization of their trade measures and policies, and by conducting trade policy reviews to ensure transparency and accountability.

• The WTO promotes transparency in trade policies by not requiring any notification of trade measures and policies

• The WTO promotes transparency in trade policies by keeping all trade policies confidential

• The WTO promotes transparency in trade policies by allowing member countries to hide their trade measures and policies

Discuss the role of the WTO in promoting economic development in developing countries.

• The WTO promotes economic development in developing countries by imposing high trade barriers and restricting access to global markets.

• The WTO promotes economic development in developing countries by increasing tariffs and making trade negotiations more difficult.

• The WTO has no role in promoting economic development in developing countries.

• The WTO promotes economic development in developing countries by providing them with access to global markets, reducing trade barriers, and facilitating trade negotiations.