A Speech on Trade Alliances (Scenario)
As manager of the international department for your company, you have been asked by the local Chamber of Commerce to deliver a speech on global trade. The presentation should include an overview of the world's major trade alliances and mechanisms that promote global trade. The Chamber president has also asked you to comment on a recent quote by a local politician, who stated: "NAFTA has been a bad deal for Canada and it continues to weaken our economy." As you review your notes, you wonder how you will fit all the information into the allotted half-hour presentation time!
-Before you conclude your speech,you intend to explain how the WTO operates as ________.
A)a unilateral trading system
B)the only global organization that deals with the rules of trade among nations
C)the only global organization that monitors and promotes competition between nations
D)the only global organization dedicated to protecting the rights of workers in multinational corporations

Question

Quizplus · Accepted Answer

The World Trade Organization (WTO) is the only global organization that deals with the rules of trade among nations. It sets and enforces the rules for international trade and provides a forum for negotiations and settlement of disputes between member countries. While the WTO does monitor and promote competition between nations, as well as address labor and environmental standards, its primary focus is on trade rules and regulations. Therefore, option B is the best choice.