U.K. Nominates Liam Fox to Lead World Trade Organization

The video discusses China's role in global trade, highlighting the challenges posed by protectionist trends and US-China trade tensions. It emphasizes the need for bilateral resolution of these tensions and the importance of a rules-based system. The WTO's challenges, including outdated trade rules and political blockages, are addressed, with a call for reforms in areas like E-commerce and agriculture. The video also stresses the need for improved dispute resolution processes and outlines goals for the upcoming WTO ministerial meeting, focusing on recommitting to trade principles and addressing post-COVID economic challenges.

What was one of the factors contributing to the contraction of global trade in late 2019?

• Decrease in oil prices

• US-China trade tensions

• Increased global demand

• Technological advancements

How are US-China trade tensions expected to be resolved according to the discussion?

• By involving the United Nations

• Bilaterally between the two countries

• By increasing tariffs

• Through multilateral agreements

What is the main role of the WTO as mentioned in the discussion?

• To impose sanctions on countries

• To ensure fair application of trade rules

• To create new trade deals

• To regulate global currency exchange

What percentage of cases has the US won at the WTO?

• 50%

• 75%

• 92%

• 100%

What is a major criticism of the WTO mentioned in the discussion?

• It imposes too many sanctions

• It is too focused on technology

• It has not updated its practices

• It favors developing countries

What is suggested as a solution to resolve trade disputes more effectively?

• Increasing tariffs

• Reducing the number of trade agreements

• Using a politician with global experience

• Involving more bureaucrats

What is emphasized as crucial for post-COVID economic resilience?

• Diversity of supply

• Focusing on local markets

• Increasing tariffs

• Reducing global trade