International Trade Economics

Directions: Read the passages carefully and complete the statement given underneath by choosing the appropriate option from the following.

In 1964 the United Nations Conference on Trade and Development was held. For the first time the poorer nations of the world came together to act as a pressure group on trading matters. The Conference made the following recommendations. The Developing countries should be given free access to world markets for their manufactures and semi manufactures by the elimination of quotas and tariffs. International commodity agreements should be made for each major primary commodity in world trade to stabilise commodity prices. Moreover, compensation schemes, whereby the underdeveloped countries are compensated for the declining prices of their primary products, were recommended for consideration. The Conference also resolved that the developed countries should aim to provide at least 1 per cent of their national income as aid for the underdeveloped countries.

As can be understood from the passage, the 1964 United nations Conference on Trade and Development was remarkable because ______________.

Directions: Read the passages carefully and complete the statement given underneath by choosing the appropriate option from the following.

In 1964 the United Nations Conference on Trade and Development was held. For the first time the poorer nations of the world came together to act as a pressure group on trading matters. The Conference made the following recommendations. The Developing countries should be given free access to world markets for their manufactures and semi manufactures by the elimination of quotas and tariffs. International commodity agreements should be made for each major primary commodity in world trade to stabilise commodity prices. Moreover, compensation schemes, whereby the underdeveloped countries are compensated for the declining prices of their primary products, were recommended for consideration. The Conference also resolved that the developed countries should aim to provide at least 1 per cent of their national income as aid for the underdeveloped countries.

With reference to this Conference, one development mentioned in the passage was that ______________.

Directions: Read the passages carefully and complete the statement given underneath by choosing the appropriate option from the following.

In 1964 the United Nations Conference on Trade and Development was held. For the first time the poorer nations of the world came together to act as a pressure group on trading matters. The Conference made the following recommendations. The Developing countries should be given free access to world markets for their manufactures and semi manufactures by the elimination of quotas and tariffs. International commodity agreements should be made for each major primary commodity in world trade to stabilise commodity prices. Moreover, compensation schemes, whereby the underdeveloped countries are compensated for the declining prices of their primary products, were recommended for consideration. The Conference also resolved that the developed countries should aim to provide at least 1 per cent of their national income as aid for the underdeveloped countries.

From the passage we learn that one of the resolutions adopted by the United Nations Conference on Trade and Development ______________.

Directions: The short passage below is followed by a question based on its content. Answer the question on the basis of what is stated or implied in the passage.

The lesson for the rest of the world, especially India, is that there can be no 'free' trade with the US. America, the biggest champion of free trade for most part of the century is turning protectionist. The US continues still to be one of the most trade friendly countries in the world. But one thing is clear if India wishes to continue to have access to the American market, it will have to give concessions in return. The Chinese have fought for several months, surrendering a lot to the Americans. So long as you are a small fry in the world trade market responsible for a small fraction of American trade deficit or better still a net importer of US goods, you are safe. The big brother won't bully you. But the moment you are seen to be getting big, the axe will fall.

What is the theme of the passage?

The General Assembly voted overwhelmingly to condemn the U.S. trade embargo against Cuba recently. Which of the following statements about Cuba is/are correct? I.          The resolution passed by the General Assembly is non-binding II.         187 countries voted in support, three opposed and two abstained III.        Barack Obama announced the lifting of US trade embargo against Cuba in 2010

Directions: The question has a set of four sequentially ordered statements; each statement can be classified as one of the following: Facts, which deal with pieces of information that one has heard, seen or read, and which are pen the discovery or verification (the answer option indicates such a statements with an 'F') Inferences, which are conclusions drawn about the unknown, on the basis of the known (the answer option indicates such a statement with an 'I'). Judgments, which are opinions that imply approval or disapproval of persons, objects, situations, and occurrences in the past, the present, or the future (the answer option indicates such as statement with a 'J') Select the answer option that best describes the set of four statements.

1. Economic partnership between nations is the only way to address and resolve the risks and challenges of an economically intertwined world today, though the conflicts between the competitive countries persist and world trade is sharing of risks and rewards equitably.
2. India has sharpened its focus on promoting a rules based international trading environment and in Doha summit, the primary motive of India is promoting globalization of world trade correcting the imbalances of multilateral trade agreements.
   
3. In 2006, the developing countries achieved 7% growth as against 3.1% of developed countries and if this trend continues, it is possible to see a situation where Asia would be at the centre of international economic activity.
4. With global economies having realized the benefits of integration, it becomes necessary that the impediments to innovation in the form of protectionism, counterfeiting and poor intellectual property regime should be tackled on priority basis.

Very often we read about the Doha Ministerial Conference 2001 in reference to WTO negotiations. What were the major issues over which nations were of different opinions?

1. Providing subsidy to agriculture.
2. Export of patented drugs/medicines by developed nations.
3. Restriction on natural movement of people from one nation to other.