W5P1 (video): From GATT to WTO Video Flashcards
When did the WTO officially come into existence?
1990
1995
2000
1986
1995
What does GATT stand for?
General Agreement on Trade and Tariffs
Global Agreement on Trade and Tariffs
General Agreement on Tariffs and Trade
Global Alliance for Trade and Tariffs
General Agreement on Tariffs and Trade
Which round of GATT negotiations lasted seven years?
Tokyo Round
Uruguay Round
Doha Round
Geneva Round
Uruguay Round
What does “jungle law” refer to in international trade?
Strict regulations for all countries
Large countries exploiting weaker nations
Equal trading opportunities for all
A system to prevent trade disputes
Large countries exploiting weaker nations
How many countries participated in the Uruguay Round negotiations?
75
125
150
100
125
Which of the following was NOT a focus of the WTO’s agreements?
Agricultural products
Textiles and clothing restrictions
Labor rights
Services and property
Labor rights
What was a significant outcome of the 1996 Singapore Conference?
Introduction of tariffs on telecommunications
Creation of a new international currency
New agreements benefiting international markets
Expansion of GATT membership
New agreements benefiting international markets
What challenge does the WTO face in ensuring its objectives are met?
Too many members
Regional economic groups opposing global trade
The rapid pace of technological change
Lack of interest from developed countries
Regional economic groups opposing global trade
Who was Julio Lacarte Mura?
A founder of the WTO
A senior official to GATT and WTO since 1948
The first director general of the WTO
A major opponent of international trade
A senior official to GATT and WTO since 1948
What is one of the main tasks of the WTO regarding global trade?
Encourage protectionism
Ensure that trade rules are applied broadly
Favor wealthy nations over developing ones
Reduce tariffs to zero
Ensure that trade rules are applied broadly
How many Countries were a part of GATT at its peak?
23
125
128
132
128
How long did GATT exist before being replaced by the WTO?
23 Years
47 Years
7.5 Years
26 Years
47 Years
What is NOT a role of GATT?
A Forum for countries to Settle Disputes
A Forum to Negotiate Trade Barriers
To Restore economic Cooperation and Peace
Providing Financial Support to underdeveloped countries
Providing Financial Support to underdeveloped countries
What was NOT an outcome of the 8th Uruguay Round of GATT
Creation of WTO
New organization with full legal status
Eliminations of restrictions of textiles in clothing
Inclusion of Russia and China as trade partners
Inclusion of Russia and China as trade partners
