Read the overview below and complete the activities that follow. Through a series of legal regulatory constructs, some of which have taken the form of legislative acts while others are by means of institutions, trade barriers have been lowered since World War II. These include the Omnibus Trade and Competitiveness Act (OTCA), the General Agreement on Tariffs and Trade (GATT), the World Trade Organization (WTO), the International Monetary Fund (IMF) and the World Bank. This activity explores the various legal and multilateral acts and institutions that have been created over the years to facilitate global trade. This chapter reviews the various theoretical approaches for international trade; the benefits from an absolute or comparative advantage and the heightened call for protectionism as competition increases. Protectionism may be appropriate in some instances, such as national security or the protection of infant industries, but is seldom beneficial from a consumer perspective. There is also a trend toward freer trade. Free international trade helps underdeveloped countries become self sufficient and attract new consumers for their markets. Since wWil many countries have worked together to facilitate a freer trade, reducing various governmental and market barriers. The changing economic and political realities are producing unique business structures that continue to protect certain major industries. The future of open global markets lies with the controlled and equitable reduction of trade barriers. Match the items to the correct agency or institution. GATT A Trade treaty. This trade treaty began shortly after WWil to reduce tariffs and create an agency to monitor world trade. v OTCA IME B. Governing trade: Institution that sets many rules governing trade among its members, provides a panel of experts to hear and rule on trade disputes among members, and issues binding decisions. World Bank Group WTO C. Multifaceted U.S. agency: Multifaceted U.S. agency focusing on assisting businesses to be more competitive in world markets and on correcting perceived injustices in trade practices D.Foreign exchange: its objectives are the stabilization of foreign exchange rates and the establishment of freely convertible currencies to facilitate the expansion and balanced growth of international trade E. Multilateral agency: Multilateral agency with a goal of reducing poverty and improving the living standards by promoting sustainable growth and investment in people