World Trade Organization Overview

The video introduces the World Trade Organization (WTO), the only global body managing trade rules between nations. It highlights the WTO's formation in 1995 to enforce trade agreements like GATT, aiming to facilitate smooth international trade. The video discusses the WTO's role in promoting global economic growth and prosperity, especially in developing nations, while also addressing criticisms regarding its impact on environmental and labor practices in these countries.

What is the primary purpose of the World Trade Organization?

• To oversee the rules of trade between nations

• To manage global environmental policies

• To regulate international travel

• To control global financial markets

In which year was the World Trade Organization established?

• 1985

• 1995

• 2015

• 2005

What was the WTO formed to enforce?

• International labor laws

• International travel regulations

• General Agreement on Tariffs and Trade (GATT)

• Global environmental policies

How many nations are represented in the WTO?

• 250

• 200

• 150

• 100

What is a major criticism of the WTO by its critics?

• It focuses too much on environmental issues

• It ignores the trade needs of developed nations

• It overlooks environmental and labor practices in developing nations

• It restricts trade between industrialized countries