CIPS L4M3 Exam - Topic 2 Question 50 Discussion

Actual exam question for CIPS's L4M3 exam

Question #: 50
Topic #: 2

[All L4M3 Questions]

Which of the following regulates barriers to the trade of goods between Member States of WTO?

ANAFTA

BGATT

CCISG

DTRIPS

Show Suggested Answer

Suggested Answer: B

- The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the 'substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis.'

- CISG is the Vienna Convention on Contracts for the International Sale of Goods. This is a voluntary treaty under United Nations Commission on International Trade Law (UNCITRAL). The purpose of the Vienna Convention is to set out a framework for international transactions based on a uniform approach. It establishes substantive rules that regulate the duties and obligations of both parties, including the delivery of goods, contract formation, and remedies for breach of contract.

- The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international legal agreement between all the member nations of the World Trade Organization (WTO). It sets down minimum standards for the regulation by national governments of many forms of intellectual property (IP) as applied to nationals of other WTO member nations.

- The North American Free Trade Agreement (NAFTA; Spanish: Tratado de Libre Comercio de Amrica del Norte, TLCAN; French: Accord de libre-change nord-amricain, ALNA) is an agreement signed by Canada, Mexico, and the United States, creating a trilateral trade bloc in North America.

LO 1, AC 1.3

by Brandon at Nov 14, 2024, 03:10 AM

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Ranee

3 months ago

Surprised people still mix these up!

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Earnestine

3 months ago

CISG is about contracts, not trade barriers.

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Norah

3 months ago

Wait, I thought NAFTA was more about trade barriers?

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Sheridan

4 months ago

Totally agree, GATT covers that!

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German

4 months ago

GATT is the one that regulates trade barriers.

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Cherilyn

4 months ago

TRIPS seems more related to intellectual property, so I’m leaning towards GATT for this question.

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Annette

4 months ago

I’m torn between GATT and NAFTA. I know NAFTA is more about North America, but I can’t recall the specifics.

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Margurite

4 months ago

I remember practicing a question about trade agreements, and GATT was mentioned as a key regulation.

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Jenelle

5 months ago

I think GATT is the right answer since it deals with trade barriers, but I'm not completely sure.

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Pete

5 months ago

I'm a bit confused on this one. I know GATT has something to do with trade, but I can't remember the specifics. I might have to guess on this one unless I can quickly recall the key details.

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Gertude

5 months ago

Okay, let me see. GATT, CISG, and TRIPS all deal with international trade in some way, but I think GATT is the one that specifically focuses on reducing barriers to trade between WTO members. I'll go with B.

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Katie

5 months ago

Hmm, I'm a bit unsure about this one. I know NAFTA is a regional trade agreement, but I'm not sure if that's the right answer here. I'll have to think this through carefully.

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Kattie

5 months ago

This one seems pretty straightforward. I'm pretty sure GATT is the agreement that regulates trade barriers between WTO member states.

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Hannah

1 year ago

I'm not sure, but I think NAFTA also has some regulations on trade barriers.

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Karan

1 year ago

I agree with Timothy, GATT regulates barriers to trade between Member States of WTO.

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Howard

1 year ago

GATT, no doubt. It's like the traffic cop of the trade world, making sure everyone plays by the rules. I bet even the WTO interns know that one.

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Nina

1 year ago

Easy peasy, it's GATT. That's the one that makes sure we can all buy and sell our goods without too much hassle, right? I'd be lost without it.

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Jerry

1 year ago

Josefa: It's definitely a key agreement that helps keep trade flowing smoothly.

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Josefa

1 year ago

User 2: I agree, GATT plays a crucial role in facilitating international trade.

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Annett

1 year ago

User 1: Yes, you're right! GATT is the one that regulates barriers to trade between Member States of WTO.

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Timothy

1 year ago

I think the answer is B) GATT.

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Lorean

1 year ago

Hmm, GATT seems like the obvious choice here. It's the OG of trade agreements, and it's been around longer than some of us have been alive.

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Katy

1 year ago

GATT is the classic choice for trade agreements.

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Daryl

1 year ago

GATT is definitely the go-to for regulating trade barriers.

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Josephine

1 year ago

Yeah, GATT has been setting the rules for a long time.

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Ilona

1 year ago

I agree, GATT is the way to go.

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Mickie

1 year ago

GATT, of course! The General Agreement on Tariffs and Trade is the cornerstone of WTO trade regulations. It's like the big boss of the trade world.

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Simona

1 year ago

It's good to know that GATT plays such a crucial role in promoting fair and open trade among countries.

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Mirta

1 year ago

Yeah, GATT sets the rules for international trade and helps prevent discrimination against imports.

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Quentin

1 year ago

I agree, GATT is really important for regulating trade barriers between Member States.

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Willodean

1 year ago

GATT, of course! The General Agreement on Tariffs and Trade is the cornerstone of WTO trade regulations. It's like the big boss of the trade world.

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