WTO

Question 2

What is the origin of the World Trade Organization (WTO)?

Answer 2

The WTO originated from the General Agreement on Tariffs and Trade (GATT) and was established by the Marrakesh Agreement in April 1994.

The WTO officially began on January 1, 1995.

Question 3

What did the Uruguay Round negotiations lead to?

Answer 3

The Uruguay Round negotiations led to the establishment of the WTO, replacing GATT and providing a formal organization to regulate and facilitate global trade.

Question 4

What are the main goals of the WTO?

Answer 4

The main goals of the WTO are to reduce trade barriers and negotiate trade agreements.

Question 5

What functions does the WTO serve?

Answer 5

The WTO increases transparency in trade policies, supports developing countries in trade, facilitates trade negotiations, ensures adherence to agreements, and resolves trade conflicts.

Question 6

How does the WTO support developing nations?

Answer 6

The WTO supports developing nations by building trade capacity and easing free trade entry.

Question 7

What are some achievements of the WTO?

Answer 7

Achievements of the WTO include negotiated agreements for services and IT trade, expanded membership, improved dispute settlement procedures, and the abolition of harmful subsidies.

Question 8

How has the WTO contributed to global trade?

Answer 8

The WTO has contributed to global trade by increasing purchasing power, providing greater consumer choice, simplifying customs procedures, and fostering global commerce expansion.

Question 9

What impact has the WTO had on innovation and competition?

Answer 9

The WTO fosters innovation and competition, driving improvements in company production.