Tag: world trade organisation (wto)

Questions Related to world trade organisation (wto)

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.

Agreement of textile and clothing is an agreement fostered by the __________.

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 Bank

  2. United Nations

  3. WTO

  4. IMF

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Correct Option: C
Explanation:

Agreement of textile and clothing is an agreement fostered by the WTO.

Which of the following is a function 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. Laying down a commonly accepted code of conduct to reduce trade barriers

  2. Acting as a dispute settlement body

  3. Ensuring that all the rules regulations prescribed in the Act are duly followed by the member countries for the settlement of their disputes

  4. All of the above

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Correct Option: D
Explanation:

The functions of WTO are:

1: Laying down a commonly accepted code of conduct to reduce trade barriers.
2: Acting as a dispute settlement body.
3: Ensuring that all the rules regulations prescribed in the Act are duly followed by the member countries for the settlement of their disputes.

WTO acts as a dispute settlement body.

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:

One of the major functions of WTO is acting as a dispute settlement body.

WTO is a successor to __________.

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

  1. IMF

  2. GATT

  3. ITO

  4. IMC

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Correct Option: B
Explanation:

World Trade Organization (WTO) is a successor to General Agreements on Tariffs and Trade (GATT).

One of the functions of WTO is to promote an environment that is encouraging to its member countries to come forward to WTO in mitigating their grievances.

commerce 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

Identify the function(s) of WTO.

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

  1. WTO acts as a dispute settlement body.

  2. Supervising on a regular basis the operations of the revised Agreements and Ministerial declarations relating to goods, services and Trade Related Intellectual Property Rights (TRIPS).

  3. Laying down a commonly accepted code of conduct.

  4. All of the above

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Correct Option: D

GATT came into existence with effect from 1st January 1948.

commerce 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