c) Role of the WTO in trade liberalisation

• When was the World Trade Organisation (WTO) established?

  1995
• What is the primary goal of the World Trade Organisation (WTO)?

  To promote free trade
• Why does the WTO believe free trade is beneficial?

  It raises living standards, creates jobs, and improves people's lives
• What is trade liberalisation?

  The process of rolling back barriers to free trade
• What is an example of a barrier that trade liberalisation seeks to remove?

  Tariffs
• What are the two main roles of the WTO in liberalising trade?

  • Bringing countries together at conferences to reduce or eliminate protectionist trade barriers
  • Acting as an adjudicating body in trade disputes
• What is an example of a conference organized by the WTO?

  The Doha Round conferences
• How does the WTO handle trade disputes between member countries?

  It runs a hearing and makes a judgement
• What can member countries do if they believe a trading partner has violated a trade agreement?

  File a complaint with the WTO
• What is the significance of the WTO acting as an adjudicating body?

  It ensures fair resolution of trade disputes
• What was one example of a WTO ruling mentioned in the study material?

  Boeing being allowed to impose tariffs on Airbus
• Why was Boeing allowed to impose tariffs on Airbus?

  Due to illegal subsidies in Europe
• In what year did the WTO ruling regarding Boeing and Airbus occur?

  2018