Trade Liberalisation And Global Agreements

Question 1

What does the GATT stand for?

Answer 1

General Agreement on Tariffs and Trade

Question 2

When was the GATT founded?

Answer 2

1947

Question 3

What did the GATT do?

Answer 3

Provided many of the rules for world trade and saw some of the highest growth rates of international trade in 1994-1995

Question 4

What was the GATT renamed to be called?

Answer 4

The WTO.
World Trade Organisation

Question 5

What did the WTO provide?

Answer 5

It provides a forum through which trade issues can be negotiated

Question 6

How did countries respond to the tariffs implemented by Donald Trump, and which countries?

Answer 6

China, India, The EU, Norway, Russia, Canada and Mexico have all made complaints to the WTO against these tariffs

Question 7

What tariffs did Donald Trump implement?

Answer 7

25% steel
10% Aluminium

Question 8

How many cases is China involved in the complaints to the WTO?

Answer 8

55

Question 9

How many cases is the US involved in the complaints to the WTO?

Answer 9

253

Question 10

What is the main benefit of trade liberalisation?

Answer 10

Can lead to lower prices for consumers by removing tariff barriers

Question 11

What is a comparative advantage in trade?

Answer 11

Allows countries to specialise in producing goods and services where they have a comparative advantage

Question 12

How does trade liberalisation affect competition for firms?

Answer 12

Increases competition from foreign firms, which can lead to increased efficiency and cost-cutting