World Trade Organisation

Question 1

What is the WTO?

Answer 1

World Trade Organization. Formed to reduce barriers to international trade.

Question 2

When was it founded?

Answer 2

Transformed from the General Agreement on Tariffs and Trade at the Bretton Woods Conference 1944

Question 3

What are its aims?

Answer 3

Reduce barriers on trade
Check states are following global trade agreements
Produce research on global trade and economic policy
Helps to resolves trade disputes

Question 4

How many members does the WTO have?

Answer 4

154 accounting for 97% world trade

Question 5

When does the WTO meet?

Answer 5

Ministerial Conference meets every 2 years

Question 6

How are decisions made?

Answer 6

Every member must agree

Question 7

1947 GATT (General Agreement on Tariffs and Trade)

Answer 7

45,000 tariffs removed

Question 8

Kennedy Round of GATT

Answer 8

Removal of tariff barriers

Question 9

2011 Doha Round

Answer 9

Development intended to make progress in widening free trade with developing countries. Negotiations reached gridlock due to disagreement in further reductions

Question 10

Strengths

Answer 10

Accounts for 97% world trade

More democratic institution in which all members have equal membership

Question 11

Weaknesses

Answer 11

Take years to join
WTO is too powerful
Lacks external accountability