SSC Economics Sample Paper NCERT Sample Paper-4

  • question_answer
    Consider the following regarding the functions of WTO:
    1. To provide facilities for implementation, administration and operation of multilateral agreements of the world trade.
    2. To provide a platform to member counties to decide future strategies related to trade and tariff.
    Choose the correct one:

    A)  Only 1 

    B)  Only 2

    C)  Both 1 and 2    

    D)  Neither 1 nor 2

    Correct Answer: C

    Solution :

    [c] Functions of the WTO includes: 1. Ensure the developing countries benefit from world trade, especially the least Developed countries. 2. Reduce barriers to international trade - both tariff barriers and non-tariff barriers. 3. Get the members enter into multilateral trade agreements to achieve above objectives. 4. Provide forum for negotiation and dispute settlement for the members, if the agreements are violated. 5. Cooperate with UN, World and IMF for a global economic policy that improves livelihood, protects environment and promotes sustainable Development.

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