Global Economics 2 Flashcards

1
Q

What is the WTO?

A
  • World trade organisation

- 164 member states

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2
Q

What are WTO’s trade objectives?

A
  • Non-discriminatory
  • Free from barriers (protectionism)
  • Predictable
  • Promoting fair competition
  • Beneficial for developing countries through special provisions
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3
Q

What is the WTO’s role?

A
  • Set and enforce international trade rules
  • Resolve trade disputes
  • Provide a forum for negotiating trade liberalisation
  • To moniter further trade liberalisation
  • To increase transparency of the decision making process
  • To help developing countries fully benefit from global trade
  • Cooperate with other major economic institutions
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