International Trade Economics

Franco price (also called free-on-board at destination) means the supplier's quoted price includes ALL charges up to door delivery - transportation, insurance, handling, and customs duties. The buyer pays nothing extra; the seller bears complete responsibility and cost until delivery at the buyer's premises. This differs from CIF (cost, insurance, freight to port of destination) or landed cost which may not include all final delivery charges.

The Duty Drawback Scheme compensates importers for import duties paid on life-saving drugs and essential medicines. This is a specific provision to make critical healthcare products more affordable in India. The scheme is NOT about export goods (A), cash incentives for foreign duties (B), or duty refunds for rejected exports (D) - those are different export promotion schemes.

ECOMARC is an Indian ecolabel certification mark that indicates products are environmentally safe throughout their lifecycle - from production to disposal. It certifies that goods meet specific environmental standards, not their quality or export/import status. The mark helps consumers identify eco-friendly products.

"has been" is the correct answer.

The sentence reads 'It has reached on one (14)_ with ASEAN this month'. The correct answer is 'agreement' (option B) as it completes the meaningful phrase 'reached on one agreement with ASEAN'. 'Agreement' is the only noun that fits the context of trade negotiations and partnerships mentioned throughout the passage.

The sentence reads 'it has been negotiating one (15) the European union (16)_ July 2007 as well as one with Japan.' The correct answer is 'with' (option C) as it fits the context 'negotiating one [agreement] with the European union'. The phrase 'negotiating with' is standard English usage when discussing talks between parties.

The sentence reads 'negotiating one (15) the European union (16)_ July 2007 as well as one with Japan.' The correct answer is 'since' (option C) as it indicates the starting point of the ongoing negotiations - 'negotiating one [agreement] with the European union since July 2007'. 'Since' is the only word that correctly establishes the timeframe when the negotiations began and continue to the present.

The sentence reads 'It signed them with Sri Lanka in 1998 and with Thailand (12) 2003'. The correct answer is 'in' (option B) as it fits the temporal context 'in 2003'. The preposition 'in' is standard usage when referring to a year. 'On' would be used with specific dates, 'at' with precise times, and 'for' would indicate duration rather than a point in time.

The context shows India signing agreements with multiple countries in sequence. The phrase 'as well as' functions as a conjunction meaning 'also' or 'in addition to', which fits perfectly when listing that India signed FTAs with Sri Lanka and Thailand, and ALSO had PTAs with Afghanistan, Chile and MERCOSUR. 'Though' indicates contrast, 'unless' shows condition, and 'for' doesn't fit the grammatical structure.

The World Trade Organization (WTO) was established in 1995 to succeed the General Agreement on Tariffs and Trade (GATT) as the global framework for international trade rules. GATT had been the primary multilateral trade agreement since 1947, and the WTO was created to expand its scope and provide a more robust institutional structure.

FTA stands for Free Trade Agreement, a treaty between two or more countries to reduce barriers to imports and exports. Examples include NAFTA, USMCA, and various bilateral FTAs. It eliminates tariffs and quotas on goods traded between member countries.

WTO is the World Trade Organisation, a global international organization dealing with rules of trade between nations. Option A contains a typo 'Telphone'.

The term 'Third World' originated during the Cold War to define countries that remained unaligned with either NATO or the Communist Bloc. In modern usage, it is frequently used to describe developing countries with lower levels of industrialization.

Under the Foreign Trade Policy 2007-08, the government revamped the status holder categories to simplify the export hierarchy. The category previously known as 'Five Star Export House' was renamed to 'Premier Trading House'. This status is awarded based on specific export performance thresholds.