Which combination of the following is correct with regard to World Trade Organization (WTO) : (a) WTO initiates peace process among the member countries to enhance international trade. (b) WTO avoids the task of “Settlement of Disputes” among the member countries. (c) WTO administers the “Trade Review Mechanism”. (d) WTO cooperates in an appropriate manner with the IMF and the World Bank. Codes :
WTO Functions Analysis
This section clarifies the correct functions of the World Trade Organization (WTO) among the given statements.
WTO Peace Process Initiation
- Statement (a) suggests the WTO initiates peace processes. This is not its primary role; the WTO focuses on regulating international trade and resolving trade disputes.
- Hence, statement (a) is incorrect.
WTO Dispute Settlement Role
- Statement (b) claims the WTO avoids dispute settlement. This is false; dispute settlement is a fundamental WTO function designed to resolve trade conflicts between member nations.
- Hence, statement (b) is incorrect.
WTO Trade Review Mechanism
- Statement (c) states the WTO administers the Trade Review Mechanism. This is accurate. The WTO conducts Trade Policy Reviews (TPRs) to ensure transparency and understanding of members' trade policies.
- Hence, statement (c) is correct.
WTO Cooperation with Financial Institutions
- Statement (d) mentions WTO cooperation with the IMF and World Bank. This is correct. The WTO has established relationships and cooperates with these international financial institutions to promote global economic stability and policy coordination.
- Hence, statement (d) is correct.
Correct WTO Functions Combination
Based on the analysis, only statements (c) and (d) accurately describe the functions of the WTO.
Important Questions from World Trade Organisation (WTO)
The Government of India appointed ______ as the country's G20 Sherpa in September 2021.
Which of the following countries/territories is not a member of the WTO?
Sequence the following different settlement stages of the WTO dispute settlement System.
A. Retaliation
B. Implementation
C. Panel Review
D. Appellate
E. Consultations
Choose the correct answer from the options given below:
Arrange the following countries in the ascending order of their contribution to the WTO budget 2020:
(A) China
(B) Japan
(C) Germany
(D) United States of America
(E) United Kingdom
Choose the correct answer from the options given below:
After 10 years of deadlock, European Union (EU) is ready to negotiate with India in WTO on which issue related to food security?
