What is the primary objective of the World Trade Organization (WTO)?

To ensure that international trade operates smoothly, predictably, and freely among nations.

Fill in the blank: Regional Trade Agreements (RTAs) aim to reduce ___ and ___ to facilitate smoother trade.

Trade barriers such as tariffs and quotas

True or False: The General Agreement on Tariffs and Trade (GATT) continues to govern international trade as it did before the establishment of the WTO.

False. GATT was replaced by the WTO, which encompasses and modifies GATT's principles.

List three types of Regional Trade Agreements (RTAs).

Unilateral Trade Agreements, Bilateral Agreements, and Trading Blocs.

Fill in the blank: The Uruguay Round led to the establishment of the ___, which serves as the primary international organization governing trade rules.

World Trade Organization (WTO)

True or False: The Doha Round focuses primarily on simplifying trade in services without addressing agricultural trade.

False. The Doha Round covers multiple areas, with agricultural trade being one of the most controversial issues.

What is the role of the General Agreement on Trade in Services (GATS) within the WTO framework?

The GATS outlines obligations related to trade in services, including market access and most-favored-nation treatment.

How many Regional Trade Agreements (RTAs) were in effect as of February 1, 2021?

339 RTAs