What is the World Trade Organization and what is it seeking to get adopted?
What will be an ideal response?
After the 1993 Uruguay “round” of trade agreements, the World Trade Organization was formed. In 2010 there were some 153 member nations to oversee the agreements and get them implemented. The major focuses of the negotiations are: (1) further reductions in tariffs and quotas worldwide and (2) plans to cut subsidies in agriculture.
You might also like to view...
For which of the following firms is patent protection of vital importance?
A) software firms B) pharmaceutical firms C) furniture producers D) auto makers
Based on Figure 6.1, suppose the government puts a tariff of $0.25 per bushel on soybean imports. How much will the tariff reduce imports?
A) Imports will decrease by 10 million bushels. B) Imports will decrease by 20 million bushels. C) Imports will decrease by 60 million bushels. D) Imports will not change after the tariff.