7.4a World Trade Organisation Flashcards
1
Q
What do WTO do
A
Advocates for trade liberalisation and seeks to encourages all trade between countries
free of tariffs, quotas and restrictions
2
Q
What is trade liberalisation
A
Removing barriers
3
Q
Example of WTO work
A
China was persuaded to lift export restrictions on their rare earth minerals in 2014
4
Q
Problem with WTO
A
Failed to stop rich countries like USA and EU from subsidising food producers. This protectionism is harmful to farmers in developing countries who want trade on a level playing field
