What agreements are currently used by the WTO for global trade liberalization? Select one – the most appropriate answer.

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The question asks: 'What agreements are currently used by the WTO for global trade liberalization? Select one – the most appropriate answer.'

Option availability: In this instance, the provided data shows an empty set of answer options, and the stated correct answer is 'TRIPS and GATS.' Since no alternative choices are listed to compare, we cannot evaluate multiple options directly. Instead, we can analyze why 'TRIPS and GATS' is considered the most appropriate answer within the WTO framework.

Understanding the scope:
- TRIPS (Agreement on Trade-Related Aspects of Intellectual Property Rights) establishes minimum standards for intellectual property protection and enforcement across WTO members. While its primary aim is protection of IP, it interacts with trade liberalization by ensuring predictable, harmonized rules for IP in international trade, reducing distortions and barriers related to IP issues.
- GATS (General Agreement on Trade in Services) focuses explicitly on the liberalization of trade in services through market access and national treatment commitments, regulatory transparency, and gradual liberalization among member countries.

Why these two are plausible as the most appropriate answer:
- The WTO’s broader mechanism for trade liberalization is often described through its agreements, with TRIPS and GATS being specific, widely cited components that directly address liberalization in their respective domains (intellectual property and services).
- While core liberalization historically centers on GATT (and now the WTO provisions under the WTO framework) covering goods, TRIPS and GATS complement this by extending liberalization standards to IP and services, which are essential dimensions of global trade.

Why this answer could be considered correct despite potential ambiguities:
- If the question aims to identify key WTO instruments that drive liberalization beyond goods (which GATT/WTO primarily address), TRIPS and GATS are prominent examples within the WTO framework that promote liberalized conditions in IP-intensive sectors and in services.

Potential reasons some may view other options as more accurate:
- One might argue that GATT (and its successor WTO agreements) is the central instrument for global trade liberalization in goods, since it established the multilateral trading system and most-favored-nation and national treatment principles. However, the prompt specifically points to agreements used by the WTO for liberalization, in which TRIPS and GATS represent the domain-specific liberalization agreements beyond GATT.

In summary, given the stated correct answer and within the WTO’s architecture, TRIPS and GATS are reasonable choices to reference for global trade liberalization in IP and services, even though the most foundational liberalization framework for goods remains GATT/WTO rules for merchandise trade. If options were present, they would help further distinguish the role of each agreement.

econ_420_120255_249094 Midterm Exam 2

What agreements are currently used by the WTO for global trade liberalization? Select one – the most appropriate answer.

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