Review the section on GATT and the World Trade Organization (WTO) in Chapter 3.

The WTO is the major treaty impacting international trade. Almost all nations belong to it.

(1) Identify and explain the three principles that WTO was founded on. Why do these principles help trade relations between nations?Each principle should have its own bullet point.

(2) Identify and explain the three techniques (discussed in the text) that nations use to protect their domestic industries?Each technique should have its own bullet point.

(3) Identify and explain the powers of the WTO in settling trade disputes. What does the WTO if a nation won't comply with its directives?