The World Trade Organisation Flashcards
1
Q
What is the world trade organisation?
A
- a permanent organisation that has powers to arbitrate trade disputes + therefore is key to promote free trade
- established in 1995
2
Q
What are the benefits of the WTO?
A
- system helps promote peace
- disputes are handled constructively
- rules make life easier for all
- free trade cuts cost of living
- provides more choice of products + qualities
- trade raises income + stimulates eco. growth
- basic principles make life more efficient
- govs. are shielded from lobbying
- system encourages good gov.
