Factors Contrbuting To Increase Globalisation

Question 1

Globalisation defined

Answer 1

Globalisation is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange.

Question 2

Trade liberalisation defined

Answer 2

Trade liberalisation is the process by which international trade is made easier through relaxation of tariffs and barriers

Question 3

Benefits of GATT

Answer 3

GATT meant new jobs for unskilled workers

Question 4

What is the World trade organisation (WTO)?

Answer 4

• WTO was created by GATT in 1994 and exists to reduce barriers to trade and to ensure that countries keep to the agreements they have made
• The organisation also deals with complaints between members, organising negotiations