Give an account of the functions of the World Trade Organization (WTO) and the formation of the WTO from GATT
What will be an ideal response?
The General Agreement on Tariffs and Trade (GATT), established in 1947 and modified in 1994, was designed to promote world trade by reducing tariffs and other international trade barriers. It established the World Trade Organization (WTO), which replaced GATT in 1995 and now oversees the original GATT provisions. WTO and GATT member nations have met in eight rounds of negotiations to reassess trade barriers and establish new rules for international trade. The WTO also imposes international trade sanctions and mediates global trade disputes. Its actions have been productive. The first seven rounds of negotiations reduced the average worldwide tariffs on manufactured goods from 45 percent to just 5 percent.
You might also like to view...
Your $1 million portfolio consists of 50% of Jacko with = 0.14, ? = 0.20 and 50% of Macko with = 0.10, ? = 0.15. The correlation coefficient is 0.25. What is the value at risk over 1 week at a 95% confidence level?
A) $23,447 B) $26,447 C) $29,447 D) $32,447
In the workplace, members of a ________ do not have many characteristics in common
A) homogeneous group B) homeopathic group C) heterogeneous group D) heteronymous group