Question
Which of the following statements are correct?
A. Most-favored nation is one of the guiding principles of the World Trade Organization (WTO)
B. Intellectual Property Rights are essentially under GATS
C. GATT was replaced by the WTO in 1985
D. Decision making in the WTO is generally by consensus
Choose the correct answer from the options given below:
The correct answer is
A & D Only
WTO Principles and Statements Analysis
This question asks to identify the correct statements regarding the World Trade Organization (WTO). Let's analyze each statement:
Statement Analysis
- A. Most-favored nation (MFN) is a guiding principle of the WTO: This statement is correct. The MFN principle requires WTO members to grant the same trade advantages (like low tariffs) to all other WTO members.
- B. Intellectual Property Rights (IPRs) are essentially under GATT: This statement is incorrect. While GATT dealt with trade in goods, Intellectual Property Rights are primarily governed by the WTO's TRIPS (Trade-Related Aspects of Intellectual Property Rights) Agreement.
- C. GATT was replaced by the WTO in 1985: This statement is incorrect. The WTO was established on January 1, 1995, succeeding the General Agreement on Tariffs and Trade (GATT), which was created in 1947.
- D. Decision making in the WTO is generally by consensus: This statement is correct. The WTO operates on a system where decisions are typically made by consensus among all member governments, although formal voting mechanisms exist.
Conclusion on Correct Statements
Based on the analysis, statements A and D are correct.
Identifying the Correct Option
The option that includes only the correct statements (A & D) is Option 4.
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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?
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