Back to the full dot-point answer
NSWGeographyQuick questions
Global Economic Activity
Quick questions on WTO, FTAs, and trade liberalisation: HSC Geography
6short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is gATT (1947-1995)?Show answer
The General Agreement on Tariffs and Trade was an interim arrangement signed by 23 countries in 1947 to liberalise post-war trade. It conducted eight successful rounds, reducing average industrial-goods tariffs from over 40 percent in 1947 to under 4 percent by the Uruguay Round (1986-1994).
What is wTO (1995-present)?Show answer
The World Trade Organization succeeded GATT in 1995. 164 members today, covering around 98 percent of world trade. Headquartered in Geneva. The Director-General (currently Ngozi Okonjo-Iweala, the first African and first woman) leads the secretariat.
What is dispute settlement?Show answer
The Dispute Settlement Body has handled over 600 cases since 1995. Cases proceed through consultation, panel ruling, and (if appealed) the Appellate Body. Rulings are binding and authorise retaliatory tariffs by the winning party if the losing party does not comply.
What is the Appellate Body crisis?Show answer
From 2019, the US blocked appointments to the Appellate Body. By December 2019 the body fell below its quorum and stopped functioning at the appeal stage. Disputes can now only be resolved at panel stage unless members opt into an interim alternative arrangement (MPIA, 2020). The Trump and Biden administrations both maintained the block; resolution depends on broader US trade policy.
What is australia's FTA network?Show answer
Australia has 16 in-force FTAs as of 2024:
What is why FTAs matter for Australia?Show answer
Around 75 percent of Australian goods exports go to FTA partner countries. Iron ore exports to China benefit from ChAFTA's zero tariff. Australian beef benefits from JAEPA (15.5 percent tariff falling to 9 percent by 2032) and KAFTA. Wine benefits from many FTAs (premium markets including Japan, Korea, US, Canada, UK).
Have a question we have not covered?
This dot-point answer is short enough that we have not extracted many short questions yet. Read the full dot-point answer or ask Mo, our study assistant, in the chat for follow ups.