GATT TO WTO VIDEO Flashcards
When did the WTO officially come into existence?
1995
What does GATT stand for?
General Agreement on Tariffs and Trade
Which round of GATT negotiations lasted seven years?
Uruguay Round
What does “jungle law” refer to in international trade?
Large countries exploiting weaker nations
How many countries participated in the Uruguay Round negotiations?
125
Which of the following was NOT a focus of the WTO’s agreements?
Labor rights
What was a significant outcome of the 1996 Singapore Conference?
New agreements benefiting international markets
What challenge does the WTO face in ensuring its objectives are met?
Regional economic groups opposing global trade
Who was Julio Lacarte Mura?
A senior official to GATT and WTO since 1948
What is one of the main tasks of the WTO regarding global trade?
Ensure that trade rules are applied broadly
How many Countries were a part of GATT at its peak?
128
How long did GATT exist before being replaced by the WTO?
47 Years
What is NOT a role of GATT?
Providing Financial Support to underdeveloped countries
What was NOT an outcome of the 8th Uruguay Round of GATT
Inclusion of Russia and China as trade partners
