Imagine that your friend is the CEO of a company, called Magna Clothes, that manufactures cool new clothing accessories for both men and women. Now that it has achieved a large following and a level of success in the United States, Magna Clothes wants to start conducting business abroad. Your friend knows you have taken a management class and has asked you to explain the history and significance of the World Trade Organization (WTO). Which of the following statements are true? Check all that apply. The predecessor to the WTO was the General Agreement on Tariffs and Trade (GATT). Members of the WTO are required to open their markets to international trade and to follow WTO rules. The WTO was first negotiated after World War II to avoid the establishment of trade barriers that benefitted rich nations and harmed poor ones. Despite its past success, significant concern exists about the ability of the WTO to continue playing a major role in the evolution of the global economy. North America is yet another region Magna Clothes is considering for its international expansion. Because he knows little about the United StatesMexicoCanada Agreement (USMCA), the CEO of Magna Clothes asks you to explain what you know about the agreement and how it might affect Magnas entry into the Canadian clothing market. Which of the following statements are correct? Check all that apply. NAFTA eliminated many of the trade quotas and tariffs that existed before it was signed in 1992. NAFTA seeks to encompass trade throughout the world. The United States and Mexico have a long-standing trade relationship, with more than 80% of Mexicos exports sent to the United States and a large percentage of Mexicos imports originating from the United States. NAFTA is known for its most-favored-nation (MFN) principle NAFTA includes the United States, Canada, and Mexico.

Imagine that your friend is the CEO of a company, called Magna Clothes, that manufactures cool new clothing accessories for both men and women. Now that it has achieved a large following and a level of success in the United States, Magna Clothes wants to start conducting business abroad. Your friend knows you have taken a management class and has asked you to explain the history and significance of the World Trade Organization (WTO). Which of the following statements are true? Check all that apply. The predecessor to the WTO was the General Agreement on Tariffs and Trade (GATT). Members of the WTO are required to open their markets to international trade and to follow WTO rules. The WTO was first negotiated after World War II to avoid the establishment of trade barriers that benefitted rich nations and harmed poor ones. Despite its past success, significant concern exists about the ability of the WTO to continue playing a major role in the evolution of the global economy. North America is yet another region Magna Clothes is considering for its international expansion. Because he knows little about the United StatesMexico-Canada Agreement (USMCA), the CEO of Magna Clothes asks you to explain what you know about the agreement and how it might affect Magna's entry into the Canadian clothing market. Which of the following statements are correct? Check all that apply. NAFTA eliminated many of the trade quotas and tariffs that existed before it was signed in 1992. NAFTA seeks to encompass trade throughout the world. The United States and Mexico have a long-standing trade relationship, with more than 80% of Mexico's exports sent to the United States and a large percentage of Mexico's imports originating from the United States. NAFTA is known for its most-favored-nation (MFN) principle NAFTA includes the United States, Canada, and Mexico