Trade Multilateralism

Please choose the most appropriate answer for each sentence.
  • 1

    Multilateral trade agreements serve the interests of today's global production system in a way that the alternative - a ..... system of bilateral agreements - does not.

  • 2

    Victor K. Fung gives his point of view as a businessman on what is at stake and why WTO negotiators have an interest in finding common ......

  • 3

    Global rules ..... global production.

  • 4

    In the old days, manufacturing would be done "in-house", but manufacturing carries a completely different meaning today: products are no longer made ......

  • 5

    Increasingly, production is ..... across different factories in different countries - it is becoming globalized.

  • 6

    Information technology and logistics help dissect the value-added process into ..... parts, with factories, locations and countries assigned for each stage according to their competitive advantage.

  • 7

    Over the past several years, we have seen ..... in Seattle and Cancn, with what appears to be a widening divergence of views between developed and developing countries, and a rise in bilateral trade agreements.

  • 8

    Bilateralism distorts the flow of goods: it ..... barriers, creates friction, reduces flexibility, raises prices and hinders companies' ability to bring new countries into the global production system. throws up breaks down bowls over stands on

  • 9

    Of particular concern are 'rules of origin', which define where a product is made and determine what kind of market ..... it will have.

  • 10

    With each new bilateral agreement, considerations relating to rules of origin multiply and become more complex in the ..... trade experts call 'the spaghetti bowl effect'.

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