Which of the following agreements dramatically lowered trade barriers worldwide and created the new World Trade Organization (WTO)?
A) Maastricht Treaty
B) Uruguay Round
C) North American Free Trade Agreement
D) Mercosur

Question

Quizplus · Accepted Answer

The Uruguay Round, which took place from 1986 to 1994, resulted in the creation of the World Trade Organization (WTO) and dramatically lowered trade barriers worldwide. The Maastricht Treaty created the European Union, but did not have a significant impact on global trade. The North American Free Trade Agreement (NAFTA) and Mercosur only affected trade within specific regions, rather than worldwide trade.

Which of the Following Agreements Dramatically Lowered Trade Barriers Worldwide