✅Case Study - The WTO Flashcards Preview

AQA A Level Geography - HUMAN > ✅Case Study - The WTO > Flashcards

Flashcards in ✅Case Study - The WTO Deck (17)
Loading flashcards...
1

What is the WTO?

The World Trade Organisation

2

What does the WTO do?

Deals in the rules of trade between countries ensuring that trade flows freely.

3

What is the WTO in favour of?

Free trade, with no barriers, taxes or tariffs

4

When was the WTO set up?

1995

5

How many nations signed the Marrakesh agreement to be part of the WTO?

124

6

What did the WTO replace?

The General Agreement on Tariffs and Trade

7

How many members does the WTO now have?

164, and 23 observers

8

What percentage of world trade does the WTO represent?

98%

9

Where does the WTO's funding come from?

The WTO's regular budget
Voluntary contributions from WTO members
Cost-sharing by either countries involved or international organisations

10

What does the WTO use its funding for?

Technical co-operation and training

11

What is the WTO committed to?

Protecting fair competition and economic development

12

What legal support does the WTO provide?

A legal framework for negotiation of trade disputes

13

What has the WTO been criticised for?

Trade rules which are still unfavourable towards developing countries

14

What do WTO rules favour?

Multinationals, so developing countries may have to choose foreign multinationals over local contractors

15

How is protectionism a negative of the WTO?

WTO trade deals still hold a lot of protectionism in areas such as agriculture. These tariffs primarily benefit richer nations such as the US and EU

16

How does the WTO aid development?

The least developed countries receive special treatment

17

What are the special treatments given to least developed countries?

They provide longer periods to implement agreements and commitments and exemptions from many provisions. Measures to increase trading opportunities and support in building infrastructure for WTO work, as well as handing disputes