Demonstrate your understanding by creating a timeline of all of the major events in this Domain. Include a brief description of each event. (Application)
1. 1994: The World Trade Organization (WTO) is established - The WTO is created to supervise and liberalize international trade.
2. 2001: The Doha Development Round of trade negotiations is launched - The round aims to reduce barriers to trade and improve living standards in developing countries.
3. 2008: The global financial crisis - A worldwide economic downturn that severely impacted global trade and economic growth.
4. 2015: The Trans-Pacific Partnership (TPP) is signed - A trade agreement between 12 countries in the Asia-Pacific region aimed at promoting economic growth and cooperation.
5. 2016: The United Kingdom votes to leave the European Union (Brexit) - The decision to leave the EU has significant implications for trade relationships between the UK and other countries.
6. 2020: The COVID-19 pandemic - The outbreak of the coronavirus significantly disrupts global trade and supply chains, leading to a sharp decline in economic activity.