1.

It was created to boost economic recovery after the Second World War. Yung primary
objective ng Gatt is to reduce tariffs to a substantial amount along with abolishing other trade
barriers.
GATT remained till 1994, after which it was replaced by WTO and at that time the total number
of contracting parties (member nations) were 123.

2. WTO has more powers and augmented functions in dealing with the international economic
affairs
In the real sense, WTO is a place, where yung mga governments of member countries attempt
to resolve their trade problems, na iiencountered nila during the trade with other countries. The
member governments (who can be ministers or their ambassadors or delegates) sila yung naga
operate ng WTO and all decisions are also taken by consensus.
pero may mga certain barriers din silang iniimpose, such as to provide protection to consumers
or stop the spreading a disease.

OECD members are typically democratic countries that support free-market economies.

OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the
world market, in order to avoid fluctuations that might affect the economies of both producing
and purchasing countries.
OPEC’s Objective: Unify the petroleum policies if its Members and make sure the oil market is stable
for producers, suppliers, consumers, and investors.

People and goods can move freely within the European Union as border controls have been
abolished in most cases. People can travel without needing visas or permits, and living, studying and
working abroad has become much simpler for EU citizens. According to the EU regulations, all EU
countries must treat EU Citizens in the exact same way as their own citizens for employment and
social security.

According sa EU regulations, all EU countries must treat EU Citizens in the exact same way as their
own citizens for employment and social security.

 As of January 1, 2008, all tariffs and quotas were eliminated on U.S. exports to Mexico and Canada
under the North American Free Trade Agreement (NAFTA).

• The agreement opened the door for open trade, ending tariffs on various goods and services, and
implementing equality between Canada, USA, and Mexico.
• NAFTA has allowed agricultural goods such as eggs, corn, and meats to be tariff-free. This allowed
corporations to trade freely and import and export various goods.