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Chapter 33: Q.26 (page 804)

In World Trade Organization meetings, what do you think low-income countries lobby for?

Short Answer

Expert verified

For reduction in trade barriers

Step by step solution

01

Step 1. Introduction 

World trade organization is an international trade organization that was established in 1995. WTO deals with rules of international trade between different countries.

02

Step 2. Explanation

Smaller countries have limited scope without trade. Limited possibilities for trade and competition exist in their internal market. In international trade, smaller countries receive relatively greater benefits than larger countries. Thus, smaller countries are likely to negotiate for a reduction in trade barriers, specifically in agricultural products and labor-intensive products because smaller countries are likely to export such products.

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Most popular questions from this chapter

Is it possible to have a comparative advantage in the production of a good but not to have an absolute advantage? Explain.

If the removal of trade barriers is so beneficial to international economic growth, why would a nation continue to restrict trade on some imported or exported products?

Under what conditions does comparative advantage lead to gains from trade?

Under what conditions does comparative advantage lead to gains from trade?

Are the gains from international trade more likely to be relatively more important to large or small countries?
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