World Trade Organization

What are the three main principles of the World Trade Organization?

• Tariffs, quotas, and subsidies

• Unpredictability, secrecy, and discrimination

• Protectionism, isolationism, and favoritism

• The three main principles of the World Trade Organization are: non-discrimination, transparency, and predictability.

Name the agreements that are part of the World Trade Organization.

• The Agreement on Space Exploration

• The Agreement on Climate Change

• The Agreement on Human Rights

• The agreements that are part of the World Trade Organization include the General Agreement on Tariffs and Trade (GATT), the Agreement on Agriculture, the Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement), the Agreement on Technical Barriers to Trade (TBT Agreement), the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement), and many others.

How many member countries are part of the World Trade Organization?

• 50

• 100

• 200

• 164

What does IPR stand for in the context of the World Trade Organization?

• Intellectual Property Rights

• Investment Protection and Regulation

• International Patent Registry

• Internal Policy Regulations

What is the most favored nation principle of the World Trade Organization?

• The most favored nation principle of the World Trade Organization is the principle of non-discrimination, which means that member countries must treat all other members equally and not favor one over another in terms of trade agreements and tariffs.

• The most favored nation principle means that countries can favor one member over another in trade agreements

• The most favored nation principle is not a significant factor in the World Trade Organization

• The most favored nation principle is about giving special treatment to the most powerful nations

What is the purpose of the General Agreement on Tariffs and Trade (GATT) within the World Trade Organization?

• To promote isolationism and protectionism

• To increase trade barriers and tariffs

• The purpose of GATT within the World Trade Organization is to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas.

• To limit international trade agreements

What are the main functions of the World Trade Organization?

• The main functions of the World Trade Organization include overseeing the implementation of trade agreements, resolving trade disputes, and providing a forum for trade negotiations.

• Regulating global currency exchange rates

• Enforcing environmental protection laws

• Promoting international tourism

How does the World Trade Organization resolve trade disputes between member countries?

• The World Trade Organization resolves trade disputes between member countries through a dispute settlement process, which involves consultations, panel hearings, and appellate review.

• The World Trade Organization resolves trade disputes by imposing sanctions on the member countries involved

• Trade disputes between member countries are resolved through direct negotiations without any involvement from the World Trade Organization

• The World Trade Organization does not have any mechanism for resolving trade disputes between member countries

Explain the concept of trade liberalization in the context of the World Trade Organization.

• Trade liberalization refers to the removal or reduction of barriers to trade between countries, such as tariffs and quotas. The World Trade Organization promotes trade liberalization through negotiations and agreements among its member countries.

• Trade liberalization is the process of reducing international cooperation in trade agreements

• The World Trade Organization promotes trade liberalization through military interventions

• Trade liberalization refers to the increase of barriers to trade between countries

What are the key differences between the World Trade Organization and its predecessor, the General Agreement on Tariffs and Trade (GATT)?

• GATT was only concerned with trade in goods, while the WTO also covers trade in services and intellectual property

• One key difference is that GATT was a set of rules, while the WTO is an organization with a broader scope and more enforcement power. Additionally, the WTO covers services and intellectual property, which were not included in GATT.

• The WTO was established in the 1950s, while GATT was established in the 1990s

• GATT focused on environmental regulations, while the WTO focuses on labor laws