Tag: introduction, status, objectives, features, scope and functions of the wto

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Questions Related to introduction, status, objectives, features, scope and functions of the wto

Multiple choice commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

Which of the following is not the objective of the WTO?

  1. To improve the standard of living of peoples of the member countries.

  2. To enlarge production and trade of goods.

  3. To protect environment.

  4. To improve the Balance of Payment situation of the member countries.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The WTO's primary objectives relate to trade liberalization, raising standards of living, and ensuring full employment. While it considers sustainable development, improving the Balance of Payment (BoP) of member countries is primarily the mandate of the IMF, not the WTO.

Multiple choice commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

Consequent to the decision in ______ round, the GATT was transformed into World Trade Organisation (WTO).

  1. Uruguay

  2. Torquay

  3. Annecy

  4. Geneva
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Uruguay Round of multilateral trade negotiations (1986-1994) led to the Marrakesh Agreement, which formally replaced the GATT with the World Trade Organization.

Multiple choice commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

_____ is a member driven rule-based organisation in the sense that all the decisions are taken by the member governments on the basis of a general consensus.

  1. IMF

  2. GATT

  3. World Bank

  4. WTO
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The WTO operates on the principle of consensus among its member governments, making it a member-driven, rule-based organization.

Multiple choice commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

Identify the benefit(s) of World Trade Organisation.

  1. Disputes between member nations are settled with mutual consultations.

  2. Helps promote international peace and facilitates international business.

  3. Free trade improves the living standard of the people by increasing the income level.

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The WTO facilitates international trade by providing a stable, predictable environment, settling disputes, and promoting liberalization, all of which contribute to economic growth and improved standards of living.

Multiple choice commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

Which of the following statements is not true about the WTO?

  1. WTO is a permanent organisation.

  2. Uruguay round gave the birth to the WTO.

  3. Ministerial Conference is the highest policy making body of the WTO.

  4. WTO was officially constituted on 1 January 1991.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The WTO was established by the Marrakesh Agreement and officially came into existence on January 1, 1995, not 1991.

Multiple choice commerce facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

Under the WTO agreements, countries cannot normally discriminate between their trading partners. This clause is popularly known as ____________.

  1. Host treatment

  2. Predictability

  3. Most-Favoured-Nation (MFN)

  4. Doha Development Agenda
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Most-Favored-Nation (MFN) principle requires WTO members to treat all other members equally, ensuring that any trade advantage granted to one country is extended to all other WTO members.