Vocab
What is the WTO?
World Trade Organization
When was GATT created?
1948
Who created WTO?
Bill Clinton
Who created NAFTA?
Bill Clinton
What is the GATT?
General Agreement on Tariffs and Trade
97%
How many members were in WTO?
153 members
What does WTO and GATT advocate for?
Free Trade
What is a tariff?
A tax on an import or export
What was the main power of the WTO?
It could eliminate ALL trade barriers
What does job outsourcing mean?
How many countries are waitlisted on WTO?
30
What is NAFTA?
North American Free Trade Agreement
Why was GATT created?
It was created because of the Great Depression
How often does WTO meet?
Every 2 years
What year did GATT get replaced?
1995
What is the difference between Exports and Imports?
Exports: Are the goods the country is sending somewhere else
Imports: Are the goods coming into the country
Who were the original 4 countries of GATT?
Cuba, Belgium, Australia, USA
Why do environmentalists say that world trade is bad?
It pollutes the world.
What are the three main objectives of WTO?
Discuss Trade Rules
Monitor Trade Rules
Resolve Trade Rules