Global Trade and Policy Cooperation Quiz

The correct answer highlights specific challenges related to sectors like agriculture and textiles, trade barriers in services, and national treatment. The incorrect answers focus on unrelated challenges such as currency exchange rates, military alliances, and stock market regulation, demonstrating a lack of understanding of the actual challenges faced by the WTO.

A customs union involves the elimination of internal trade barriers among its members while adopting common external trade policies toward nonmembers. It necessitates a common external tariff on imports from outside the Union to promote the free movement of goods within the union.

Political union involves deep integration of countries leading to a single country entity with strengthened political system and decision-making capacity.