World Trade Organisation
ICSE · Class 11 · Commerce
Flashcards for World Trade Organisation — ICSE Class 11 Commerce. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is the World Trade Organisation, and why is it important in world trade?
Answer
The World Trade Organisation is the legal and institutional foundation of the multilateral trade system. It was created as a permanent organisation to promote international trade with clearer rules, w…
When was GATT established, and how many countries formed it?
Answer
GATT was established on October 30, 1947 with 23 countries. It was an adhoc and provisional institution for multilateral trade and mainly worked to reduce tariffs through tariff rounds.
What is the full form of GATT, and what kind of institution was it?
Answer
GATT stands for General Agreement on Tariffs and Trade. It was an adhoc and provisional institution for multilateral trade, mainly concerned with trade in goods.
What is the full form of WTO, and what kind of organisation is it?
Answer
WTO stands for World Trade Organisation. It is a permanent organisation created by international treaty and is not a United Nations agency.
How did WTO come into existence from GATT?
Answer
WTO was established as the successor to GATT on January 1, 1995 under the Marrakash Agreement. GATT 1947 and WTO co-existed for one transitional year in 1994, and from January 1995 WTO completely repl…
What major negotiation round led to the transition from GATT to WTO?
Answer
The Uruguay Round of GATT negotiations led to the evolution of international economic legislation and the transition from GATT to the WTO Agreement. It also produced 500 pages of specific agreements.
What is the Marrakash Agreement?
Answer
The Marrakash Agreement is the agreement under which WTO was established as the successor to GATT on January 1, 1995. It gave WTO its formal legal beginning.
State one key difference between GATT and WTO.
Answer
GATT was an adhoc and provisional institution, while WTO is a permanent organisation created by international treaty. WTO also has a wider and stronger legal structure than GATT.
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