Global Trade and Economic Policies

The video explains the history and impact of GATT and WTO on global trade. GATT, formed in 1947, aimed to reduce trade barriers among countries. It conducted several negotiation rounds, leading to significant trade agreements. The Uruguay Round led to the creation of the WTO, which enforces trade rules and resolves disputes. While GATT and WTO have promoted global trade and economic growth, they have also caused job losses and environmental issues. The video highlights the role of these organizations in economic globalization and their influence on international trade policies.

What was the primary goal of the GATT when it was first established?

• To promote trade liberalization and reduce trade barriers

• To increase tariffs between countries

• To establish a single global currency

• To create a military alliance

Which agreement was introduced during the Kennedy Round of GATT?

• The agricultural subsidy agreement

• The digital trade agreement

• The environmental protection agreement

• The anti-dumping agreement

What was a significant outcome of the Uruguay Round?

• The end of the GATT

• The introduction of the Tokyo Round

• The establishment of the World Trade Organization

• The creation of the International Trade Organization

How did the WTO differ from GATT in terms of its rules?

• WTO rules are only applicable to developed countries

• WTO rules are full and permanent

• WTO rules are temporary and flexible

• WTO rules focus solely on agricultural products

What is one negative impact of reducing trade barriers as mentioned in the transcript?

• Higher prices for consumers

• Increased tariffs on all goods

• Job losses in certain industries

• Decreased global trade

What environmental concern is associated with the loss of trade barriers?

• Decreased pollution levels

• Increased use of pesticides

• Reduction in factory production

• Lower demand for agricultural products

What is economic globalization as described in the transcript?

• The increase of interdependence between national economies through trade

• The isolation of national economies

• The creation of a single global government

• The reduction of international communication

What was the expected growth rate of global trade in 2014 according to the WTO?

• 5.5%

• 3.3%

• 2.1%

• 4.7%

What role does the WTO play in international trade?

• It creates new currencies for global trade

• It enforces trade rules and settles policy disputes

• It establishes military alliances

• It regulates only digital trade

What was a major factor affecting global trade in recent years as mentioned in the transcript?

• The discovery of new trade routes

• The increase in global population

• Economic crises and debt issues

• The rise of new trade organizations