New GCSEs - WTO
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An exciting new part of the OCR specification is the introduction of the international area of economics. The World Trade Organisation (WTO) appears in the specification for the first time. Originally formed in 1995 the WTO was designed to liberalise world trade. The World Trade Organisation deals with regulation of trade between participating countries; it provides a framework for negotiating and formalising trade agreements, and a dispute resolution process aimed at enforcing participants’ adherence to WTO agreements.
This BBC article gives a good up to date example of how the WTO steps in. The dispute was over whether the European Union had given illegal subsidies to Airbus.
For more information on what the WTO do visit this website.
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