Arrange the following in chronological order:
A. Establishment of WTO
B. Uruguay round of trade negotiation
C. The Bretton Woods Conference
D. The International Bank for Reconstruction and Development
Choose the correct answer from the options given below:
Understanding the Chronological Order of Key Economic Events
To arrange the given events in chronological order, we need to determine the timeline for each:
C. The Bretton Woods Conference
This pivotal conference took place in July 1944 in Bretton Woods, New Hampshire, USA. Representatives from 44 Allied nations met to discuss post-World War II international economic stability. It led to the creation of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD).
D. The International Bank for Reconstruction and Development (IBRD)
The IBRD, now a part of the World Bank Group, was formally established as an outcome of the Bretton Woods Conference in 1944. Its initial purpose was to finance the reconstruction of nations devastated by World War II.
B. Uruguay Round of Trade Negotiations
The Uruguay Round was the 8th round of multilateral trade negotiations conducted under the General Agreement on Tariffs and Trade (GATT). It was launched in Punta del Este, Uruguay, in September 1986 and lasted until December 1994. This round led to the most significant reforms of the world trading system since the end of World War II.
A. Establishment of WTO
The World Trade Organization (WTO) officially came into being on January 1, 1995. It succeeded the GATT and was established as a result of the agreements reached during the Uruguay Round. The WTO serves as the global international organization dealing with the rules of trade between nations.
Determining the Correct Chronological Sequence
Based on the dates:
- Bretton Woods Conference (C): 1944
- International Bank for Reconstruction and Development (D): 1944 (established as an outcome of C)
- Uruguay Round of Trade Negotiations (B): Launched 1986
- Establishment of WTO (A): 1995
Therefore, the correct chronological order is C, D, B, A.
Final Answer Derivation
Comparing this order with the given options:
- Option 1: A, B, C, D (Incorrect)
- Option 2: A, D, C, B (Incorrect)
- Option 3: C, D, B, A (Correct)
- Option 4: B, C, D, A (Incorrect)
The sequence C, D, B, A correctly arranges the events from earliest to latest.
Important Questions from International Economic institutions
General Agreement on Tariffs and Trade was formalised in the year:
In which of the following years was ADB (Asian Development Bank) established?
What is the CORRECT sequence of the following?
A. Uruguay Round
B. Kennedy Round
C. Doha Round
D. Geneva Round
Choose the correct answer from the options given below
Match List-I with List-II:
List I
(Trade and Finance Institution)
List II
(Headquarters)
a) WTO i) Brussels b) IMF ii) Geneva c) FAO iii) Washington d) EU iv) Rome Choose the correct option from those given below:
Match List I with List II:
List- I
Type of Agreement
List – II
(Explanation)
A.
NAMA
(I)
Liberation of International Investments
B.
GATTs
(II)
Includes industrial goods. textile. jewellery, fish and fisheries products and manufacturing industries
C.
TRIMs
(III)
Liberalisation of trade in goods and services
D.
TRIPs
(IV)
Provides monopoly power to owners of intellectual ‘property
Choose the correct answer from the options given below -
