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    The document is a quiz about the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). It provides information on the purpose and importance of GATT in promoting international trade and helping restore prosperity after World War II. Specifically, GATT aimed to reduce tariffs and other trade barriers on a reciprocal basis. It also provided preferential market access and treatment for developing countries. The quiz then discusses that the WTO is the international organization dealing with global trade rules to facilitate smooth and predictable trade flows. It identifies the WTO's four roles as conductor, tribunal, monitor and trainer and lists ten benefits of the WTO system.

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    MIDTERM 2ND ACTIVITY

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    The document is a quiz about the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). It provides information on the purpose and importance of GATT in promoting international trade and helping restore prosperity after World War II. Specifically, GATT aimed to reduce tariffs and other trade barriers on a reciprocal basis. It also provided preferential market access and treatment for developing countries. The quiz then discusses that the WTO is the international organization dealing with global trade rules to facilitate smooth and predictable trade flows. It identifies the WTO's four roles as conductor, tribunal, monitor and trainer and lists ten benefits of the WTO system.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    2 views2 pages

    Midterm 2ND Activity

    Uploaded by

    Jiro Lobaton
    The document is a quiz about the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). It provides information on the purpose and importance of GATT in promoting international trade and helping restore prosperity after World War II. Specifically, GATT aimed to reduce tariffs and other trade barriers on a reciprocal basis. It also provided preferential market access and treatment for developing countries. The quiz then discusses that the WTO is the international organization dealing with global trade rules to facilitate smooth and predictable trade flows. It identifies the WTO's four roles as conductor, tribunal, monitor and trainer and lists ten benefits of the WTO system.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    SOUTHERN PHILIPPINES COLLEGE

    Julio Pacana St. Cagayan de Oro City

    MIDTERM WEEKLY QUIZ


    SOCIAL AND PROFESSIONAL ISSUES
    ITE-308

    What Is the General Agreement on Tariffs and Trade (GATT)?


    - The General Agreement on Tariffs and Trade (GATT) is a legal agreement between
    many countries, whose overall purpose was to promote international trade by
    reducing or eliminating trade barriers such as tariffs or quotas .

    What is the purpose of the General Agreement on Tariffs and Trade


    GATT?
    -The GATT aimed “substantial reduction of tariffs and other trade barriers and
    the elimination of preferences, on a reciprocal and mutually advantageous
    basis”, so that the economic recovery after World War II can be boosted.

    Why was GATT important?


    - The General Agreement on Tariffs and Trade (GATT) was set up to
    eliminate protectionism, get countries trading freely among themselves,
    and help restore economic prosperity following the devastation of
    World War II.

    How GATT help developing countries?


    It provided for: (i) the preferential market access of developing countries to
    developed country markets on a non reciprocal, non discriminatory basis; (ii)
    "more favourable" treatment for developing countries in other GATT rules
    dealing with non-tariff barriers (iii) the introduction of preferential trade
    regimes

    What is WTO and its purposes?


    In brief, the World Trade Organization (WTO) is the only international
    organization dealing with the global rules of trade. Its main function is to
    ensure that trade flows as smoothly, predictably and freely as possible.

    What are the 4 roles of the WTO?


    conductor, tribunal, monitor and trainer.

    What are the 10 benefits of the WTO?


    -1. The system helps promote peace 2. Disputes are handled
    constructively 3. Rules make life easier for all 4. Freer trade cuts the
    costs of living 5. It provides more choice of products and qualities 6.
    Trade raises incomes 7. Trade stimulates economic growth 8. The basic
    principles make life more efficient 9. Governments are shielded from
    lobbying 10. The system encourages good government

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