The world trading system combines negotiated agreements that promote trade liberalization called ________ with binding agreements called ________ that block tariff increases.

Question

Quizplus · Accepted Answer

The correct terms are "levers" for negotiated agreements that promote trade liberalization and "ratchets" for binding agreements that prevent tariff increases. These metaphors describe how the system works to both open markets and prevent backsliding into protectionism.

The World Trading System Combines Negotiated Agreements That Promote Trade