trade liberalisation Flashcards
1
Q
globalisation
A
Growing integration of the worlds economies
2
Q
world trade organisation
A
multi lateral organisation based in Switzerland
3
Q
benefits of WTO
A
promotes free trade
improved relations between countries
4
Q
limitations of WTO
A
encourages specialization which can complicate trade as countries are encouraged to trade on multi-lateral level
has to meet aspirations of emerging economies, can cause tensions
5
Q
what is a free trade agreement
A
An agreement between countries to reduce tariffs to 0, therefore allowing them to trade for free
