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)
- Intellectual property rights regime is managed by :
The Government of India appointed ______ as the country's G20 Sherpa in September 2021.
Nearly ___________________ countries of the world are currently members of the WTO. (as on June 2014)
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:
Statement (I) : WTO is only international organization which deals with the rules of trade between organizations.
Statement (II) : The limit of holding by individual foreign institutional investors in a company has been raised from 5 to 10% of company’s share while the aggregate limit has been increased from 24 to 34%.
Codes :
