Case Study - The World Trade Organisation Flashcards
What is the WTO
The world Trade organisation
What does the WTO do
Deals with the rules of trade between countries that trade flows freely
What is the WTO in favour of
Free trade with no barriers, taxes or tariffs
When was the WTO set up
1995
How many nations signed the Marrakesh agreement to be part of the WTO
124
What did the WTO replace
The General Agreement on tariffs and trade
How many members does the WTO now have
164 (23 observing)
What percentages of world trade does the WTO represent
98%
Where does the WTO’s funding come from
The WTO’s regular budget
Voluntary contributions from WTO members Cost-sharing by either countries involved or international organisations
What does the WTO use its funding for
Technical cooperation and training
What is the WTO committee to
Protecting fair competition and economic development
It hat legal support does the WTO provide
A little gal framework for negotiation of trade disputes
What has the WTO been criticised for
Trade rules which are still unfavourable towards developing countries
What do WTO rules favour
Multinationals, so developing countries may have to choose foreign multinationals over local contractors
How is protectionism a negative of the WTO
WTO trade deals still hold a lot of protectionism in areas such as agriculture. These tariffs primarily benefit richer nations such as the US and EU
