The World Trade Organization (WTO) was established on ___ under the Marrakesh Agreement.

1st January, 1995

True or False: The WTO has replaced the General Agreement on Trade and Tariffs (GATT), which was formed in 1950.

False. GATT was formed in 1947.

What is the primary aim of the World Trade Organization?

To liberalize and regulate international trade.

True or False: The WTO was created as a result of the Uruguay Round negotiations.

True

The original GATT text remains in effect under the WTO framework, subject to modifications made in ___ year.

1994

The WTO regime was established by the Marrakesh Agreement signed in ___ during the ministerial meeting.

April 1994

True or False: The General Agreement on Trade in Services is part of the agreements under the WTO regime.

True

The Ministerial Conference of the WTO is the topmost decision-making body that meets approximately every ___ years.

Two

The WTO Ministerial Conference of 1999 in Seattle aimed to launch a new round of trade negotiations known as the ___ Round.

Millennial

True or False: The Doha Development Round was launched during the WTO Ministerial Conference of 2003 in Cancun, Mexico.

False; it was launched during the WTO Ministerial Conference of 2001 in Doha, Qatar.

What significant agreement was made regarding agricultural export subsidies during the WTO Ministerial Conference of 2005 in Hong Kong?

Countries agreed to phase out all agricultural export subsidies by the end of 2013.

Fill in the blank: The G 20 developing countries, led by China, India, and Brazil, resisted demands for agreements on the '___ issues' during the Cancun Conference.

Singapore

The Doha Development Agenda was launched at the fourth ministerial conference in ___ in November 2001.

Doha, Qatar

True or False: The negotiations of the Doha Development Agenda have successfully resulted in a comprehensive agreement as of 2021.

False. The negotiations have been contentious and no comprehensive agreement has been reached.

What issue primarily caused the breakdown of negotiations at the Potsdam Conference in 2007?

The refusal to compromise over the special safeguard mechanism.

A tariff barrier is primarily used for ___ and ___ trade.

Importing and exporting goods

True or False: Non-tariff barriers to trade (NTBs) include measures such as quotas and embargoes.

True

What are some examples of non-tariff barriers that can restrict imports?

Anti-dumping measures, countervailing duties, import bans, quotas, and complex regulatory environments.

Bound tariff refers to the maximum rate of tariff allowed by the WTO to any member state for imports from another member state. True or False?

True

What is the primary economic issue caused by a balance of payments problem?

The primary economic issue is when payments for imports exceed receipts for exports, leading to a deficit.

True or False: The Dispute Settlement Body has the authority to create panels of experts to consider a case in the WTO.

True. The Dispute Settlement Body has the sole authority to establish panels of experts to consider cases.

The WTO’s dispute settlement mechanism prioritizes ___ through consultations if possible.

Settlement of disputes

What is the maximum duration for an appeal in the WTO’s dispute settlement process?

90 days, with a normal expectation of not exceeding 60 days.