40 - World Trade Organisation and world trade patterns

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Last updated 12:38 AM on 5/22/26
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8 Terms

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WTO

Oversees rules of international trade

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Main activities

Trade negotiations (trade liberalisation)

Implementation + monitoring

Setting trade disputes

Building membership

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Criticisms of the WTO

Undemocratic

Favours rights of corporations over those of workers

Harms environment

Favours wealthy nations over poorer ones

Causes hardships for poorer nations

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World trade patterns

Better communication + transport

Relaxing of trade barriers

Development of MNCs

Travel + consumer awareness

Trade agreements

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Trade liberalisation

The move towards greater free trade

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Effect of world trade patterns in developed countries

Loss of trade in manufacturing

More air travel

Widening of development gap

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Effect of world trade patterns in developing countries

Increases in net migration

Increased FDI in Africa

Commdity dependence

Debt cancellation

Reduction in barriers

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Commodities

Product that can be sold to make a profit, especially one in its basic form before it has been used or changed in an industrial process (eg. farm products and metals)