trade liberalisation

Question 1

globalisation

Answer 1

Growing integration of the worlds economies

Question 2

world trade organisation

Answer 2

multi lateral organisation based in Switzerland

Question 3

benefits of WTO

Answer 3

promotes free trade

improved relations between countries

Question 4

limitations of WTO

Answer 4

encourages specialization which can complicate trade as countries are encouraged to trade on multi-lateral level
has to meet aspirations of emerging economies, can cause tensions

Question 5

what is a free trade agreement

Answer 5

An agreement between countries to reduce tariffs to 0, therefore allowing them to trade for free