Tag: world trade organisation

Questions Related to world trade organisation

The first biennial ministerial meeting of the WTO was held in _____________.

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. Singapore

  2. India

  3. New York

  4. London

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Correct Option: A
Explanation:

The first biennial meeting of WTO was held in singapore in the year 1996

Most of the counter trade agreements involve essential items of food like ____________.

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. Rice

  2. Barley

  3. Wheat

  4. (A) and (C)

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Correct Option: D

Which one is not the source of external finance?

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. WTO Funds

  2. World Bank Group

  3. Export Credit

  4. Foreign Direct Investment

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Correct Option: A
Explanation:

The sources for external finances that are available are export credit, world bank group, foreign direct investment. The WTO funds are not a source of external finances.

TRIP is one of the WTO agreements that deal with _________.

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. Trade in Agriculture

  2. Trade in Services

  3. Trade Related Investment Measures

  4. None of the Above

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Correct Option: D
Explanation:

TRIP is one of the WTO agreements that deals with areas of intellectual property like copyright and related rights, trademarks including service marks, patents etc. 

Which among the following are important bodies of WTO?
i) Dispute Settlement Body
ii) NAFTA
iii) Trade Policy Review Body
iv) ASEAN
v) Council for Trade in Goods
vi) IBRD
vii) Council for Trade related aspects of Intellectual Property Rights.
viii) GATT
Which of the following are an appropriate combination?

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. i, ii, iii, iv

  2. ii, iii, iv, v

  3. i, iii, v, vi

  4. iv, v, vi, viii

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Correct Option: C
Explanation:

The important bodies of the World Trade Organization (WTO) are Dispute settlement bodies, trade policy review body, council for trade in goods, council for trade related aspects of intellectual property rights.

WTO is considered as a ______________.

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. Poor men's club

  2. Rich men's club

  3. Trade union

  4. Chamber of commerce

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Correct Option: B

Which organisation sets the rule of trade on a global scale?

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. World Trade Organisation

  2. World Organisation of Trade

  3. Both (A) and (B)

  4. None of the above

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Correct Option: A
Explanation:

World Trade Organisation

The World Trade Organization is the only international institution that oversees the global trade rules between nations. The WTO is based on agreements signed by the majority of the world's trading nations. The main function of the organization is to help producers of goods and services, exporters, and importers protect and manage their businesses.

The first ministerial meeting of WTO was held in _________.

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. 1994

  2. 1996

  3. 1998

  4. 2000

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Correct Option: B
Explanation:
First Ministerial Meeting of the WTO: On 9th December, 1996, the first inaugural ministerial meeting of the 128 member  World Trade Organisation (WTO) was held at Singapore, which is the first of its kind since the world trade body replaced the General Agreement on Tariffs and Trade in January 1995.

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

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. Increase international trade barriers

  2. Reduce international trade barriers

  3. Promote optimal use of world resources

  4. Create a more integrated trading system

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Correct Option: A
Explanation:

The major objectives of WTO is to reduce the trade barriers, promote optimal use of world resources, create a more integrated trading system.

WTO helps promote international peace and facilitates international business.

political science facilitators of international business introduction, status, objectives, features, scope and functions of the wto world trade organisation (wto) world trade organisation

  1. True

  2. False

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Correct Option: A
Explanation:

The major objective of WTO is to promote international peace and facilitate international business.