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A2-global Interdependence > WTO > Flashcards

WTO Flashcards

1
Q

When did WTO form?

A

1995, after GATT

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2
Q

How many countries are involved?

A

164

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3
Q

What % of trade does it account for?

A

98%

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4
Q

what is the objective of the WTO

A

to help its members use trade as a means to raise living standards, create jobs and improve peoples lives.

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5
Q

what do WTO agreements cover?

A

goods, services and IP

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6
Q

what type of system is the WTO?

A

a multilateral trading system

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7
Q

What does the WTO set out?

A

legal grounds for international commerce

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8
Q

what are the foundation principles of the WTO?

A

Non-discrimination, Openness, stability, transparency, competitive environment and benefitting LIC’s

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9
Q

How does the WTO ensure Non-discrimination

A

Its MFN policy, Most-favoured-nation. ensuring tariffs are blanket across all WTO members.
However Free trade agreements can be used as a loophole to offer specific tariffs to certain members

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10
Q

How does the WTO ensure openness between members?

A

anti-protectionist measures with import bans and quotas restrict quotas responsibility

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11
Q

how does the WTO stay competitive

A

by eliminating unfair practices such as government subsidies to exporters or dumping products below market price

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12
Q

over the past 50 years, how much has merchandise exports changed?

A

avg 6% a year

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13
Q

how much do the USA contribute to the WTO 2022 budget

A

12%

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14
Q

how much does China contribute to the WTO 2022 budget

A

10%

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15
Q

how much does Germany contribute to the WTO 2022 budget

A

7%

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16
Q

how much does the UK and France contribute to the WTO 2022 budget

A

4%

17
Q

What is the smallest contribution a country can make to the WTO’s budget

A

0.015%

18
Q

How many disputes have been solved in the WTO dispute settlement system?

A

350

19
Q

How many disputes have been to the WTO dispute settlement system?

A

615

20
Q

strengths of the WTO dispute settlement system

A

mechanism to ensure member rights
WTO agreement can be enforced
provides a forum for those challenged to defend themselves

21
Q

weaknesses of the WTO dispute settlement system

A

takes years to resolve, economic damage is still done with little/no compensation
no interim relief/measures
if challenge overturned, no compensation for economic harm suffered

22
Q

Who has been under complaint the most

A

developing countries in nearly 2/3s

23
Q

Are all cases followed through to the end?

A

no, most are settled in earlier stages

A2-global Interdependence (9 decks)

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