(a) India's Trade Policy Review (TPR) is carried out every four years.
(b) WTO has a mechanism for regular review of the trade policies of member countries.
Which of the statement/s given above is/are correct ?
Trade Policy Review Mechanisms Explained
This question asks about the frequency of India's Trade Policy Review (TPR) and the existence of a WTO mechanism for reviewing member countries' trade policies.
Statement (a) Analysis: India's Trade Policy Review Frequency
The WTO's Trade Policy Review Mechanism (TPRM) mandates periodic reviews. For developing and least-developed countries, reviews are typically conducted every four years. India, being a major emerging economy, falls under this category for review periodicity.
Statement (b) Analysis: WTO Review Mechanism
The World Trade Organization (WTO) indeed has a standing mechanism, the Trade Policy Review Mechanism (TPRM), established under the Marrakesh Agreement. This mechanism ensures that member countries' trade policies are regularly scrutinized by the WTO membership.
Conclusion on Statements
- Statement (a) is correct as India's TPR generally aligns with the four-year cycle for developing/emerging economies.
- Statement (b) is correct as the WTO TPRM is a fundamental aspect of its functioning.
Final Answer Determination
Since both statements (a) and (b) are correct, the option stating that both are correct is the right choice.
Important Questions from World Trade Organization
- Arrange chronologically the following negotiations of GATT between 1947 to 1994 which led to the formation of WTO?
A. Annecy
B. Kennedy Round
C. Tokyo
D. Torquay
Choose the correct answer from the options given below: - Which of the following modes of the General Agreement on Trade in Services (GATS) mandates 'Commercial presence'?
- Which of the following statements are correct in reference to the WTO?
A. Agreement on Agriculture has provisions for the domestic support commitment
B. Doha Development Round commenced in 1995
C. Issue of patenting is covered under Trade - Related Investment Measures (TRIMs)
D. G-20 emerged in response to the Cancun agenda in 2003
Choose the most appropriate answer from the options given below : - Which of the following are the key objectives of WTO?
A. To set rules for international trade
B. To resolve trade disputes
C. To resolve border disputes
D. To provide a forum for negotiating trade liberalisation
Choose the correct answer from the options given below: - In WTO terminology, subsidies in general are identified by “boxes”. Domestic support measure considered to distort production and trade, which is defined in Article 6 of the Agriculture Agreement falls into which box?
