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Unit 2: World Trade Organization

World Trade Organization (WTO): The organization that succeeded the General Agreement on Notes
Tariffs and Trade (GATT) as a result of the successful completion of the Uruguay round of GATT
negotiations.

2.8 Review Questions

1. What do you understood by Trade Blocks? Explain the purpose and various types of
trading blocks.

2. Whose interests should be the paramount concern of government trade policy – the interests
of the producers (businesses and their employees) or those of consumers?
3. Describe the organization structure of WTO. Explain WTO’s role in liberalization of global
trade in goods and services.
4. What do the terms “Observer Governments” and “WTO Accession” means?
5. Describe the limitation of GATT and how Dunkel’s proposals led to the formation of
WTO.
6. What was the outcome of the first two ministerial meetings of the WTO and the reasons
responsible for the failure of the third meeting?
7. Analyze the role of India in WTO.
8. Discuss how the MFN clause resulted in dumping and the anti-dumping measures imposed
by member countries.
9. Can you describe WTO: what it is and what it does?

Answers: Self Assessment

1. WTO 2. Trade work
3. Predictability 4. Nations
5. welfare 6. Fourth Ministerial Conference

7. conference 8. Singapore
9. Third 10. International Labour Organisation (ILO)
11. Ministerial Council 12. Decision-making
13. 1999 14. December 13–December 18, 2005

2.9 Further Readings

Books Charles W.L. Hill, International Business Competing in the Global Marketplace,
4th Edition, Tata McGraw Hill, Publishing Company Limited.
Cherenilan Francis, International Economics, 4th Edition, Tata McGraw-Hill
Publishing Company Limited.

Online link eHow.com http://www.ehow.com/info_7779251_export-
development.html#ixzz29oVY7IOm

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