Trade And Trade Blocs

Question 1

What did the GATT do

Answer 1

Gradually lower the barriers to international trade, with free trade as its aim

Question 2

Average trade tariffs have shrunk by how much since GATT first began operating

Answer 2

A tenth

Question 3

When did countries first state forming trade blocs

Answer 3

Since the 1950s

Question 4

Point of forming trade blocs

Answer 4

Stimulate trade between themselves and to obtain economic benefits from cooperation.

Question 5

Mechanisms of trade blocs

Answer 5

Free trade areas, customs unions, common markets and economic unions such as the EU