WTO & Trade — Set 4
World Organizations · WTO और व्यापार · Questions 31–40 of 50
Which international organization was the predecessor to the World Trade Organization (WTO)?
Correct Answer: A. GATT
• **GATT** = The General Agreement on Tariffs and Trade served as the predecessor to the World Trade Organization. • **1995** — The year the World Trade Organization officially replaced GATT as a permanent international organization. • 💡 Wrong-option analysis: IMF: focuses on global monetary cooperation; World Bank: provides financial assistance for development; UNCTAD: is a UN body focused on trade and development, but not WTO's direct predecessor.
The World Trade Organization was officially established on which date?
Correct Answer: B. January 1, 1995
• **January 1, 1995** = The World Trade Organization officially began its operations on this date. • **1995** — The year the WTO was established to manage and liberalize international trade. • 💡 Wrong-option analysis: October 24, 1945: marks the establishment of the United Nations; January 1, 1948: marks the effective date of GATT; December 10, 1994: the Marrakesh Agreement was signed in April 1994, not this date.
Where is the headquarters of the World Trade Organization located?
Correct Answer: C. Geneva, Switzerland
• **Geneva, Switzerland** = The headquarters of the World Trade Organization is located in this city. • **Centre William Rappard** — The specific building in Geneva where the WTO headquarters is situated. • 💡 Wrong-option analysis: New York, USA: headquarters of the United Nations; Washington D.C., USA: headquarters of the World Bank and IMF; Paris, France: headquarters of UNESCO and OECD.
What is the highest decision-making body of the World Trade Organization?
Correct Answer: D. Ministerial Conference
• **Ministerial Conference** = This is the highest decision-making body of the World Trade Organization. • **Every two years** — The frequency at which the Ministerial Conference usually meets. • 💡 Wrong-option analysis: General Council: handles day-to-day work between ministerial conferences; Secretariat: provides administrative and technical support, not decision-making; Dispute Settlement Body: handles trade disputes, acting under the General Council.
Who became the first woman and the first African to be appointed as the Director-General of the WTO?
Correct Answer: A. Ngozi Okonjo-Iweala
• **Ngozi Okonjo-Iweala** = She is the first woman and the first African to be appointed as the Director-General of the WTO. • **March 2021** — The month and year when Ngozi Okonjo-Iweala took office as Director-General. • 💡 Wrong-option analysis: Christine Lagarde: former head of the IMF and current President of the European Central Bank; Kristalina Georgieva: current Managing Director of the IMF; Amina J. Mohammed: Deputy Secretary-General of the United Nations.
The agreement that led to the creation of the WTO is known as the?
Correct Answer: B. Marrakesh Agreement
• **Marrakesh Agreement** = This agreement was signed in April 1994 and formally established the World Trade Organization. • **April 1994** — The month and year when the Marrakesh Agreement was signed, concluding the Uruguay Round. • 💡 Wrong-option analysis: Bretton Woods Agreement: established the IMF and World Bank; Rome Agreement: established the European Economic Community (EEC); Washington Consensus: refers to a set of economic policy recommendations for developing countries.
The principle of 'Most Favoured Nation' (MFN) in the WTO means?
Correct Answer: B. Treating all WTO members equally in terms of trade barriers
• **Treating all WTO members equally in terms of trade barriers** = This defines the Most Favoured Nation (MFN) principle in the WTO. • **Non-discrimination** — The core objective that the MFN principle ensures among different trading partners. • 💡 Wrong-option analysis: Treating one's best trading partner with special favours: contradicts the principle of equal treatment; Giving special treatment to developed nations only: violates the principle of non-discrimination among all members; Imposing higher tariffs on all neighbouring countries: is discriminatory and contrary to WTO's goals of reducing trade barriers.
What does the acronym 'TRIPS' stand for in the context of the WTO?
Correct Answer: B. Trade Related Aspects of Intellectual Property Rights
• **Trade Related Aspects of Intellectual Property Rights** = This is what the acronym 'TRIPS' stands for in the WTO context. • **Minimum standards** — What the TRIPS agreement sets for the protection of intellectual property globally. • 💡 Wrong-option analysis: Trade Related Industrial Production Standards: this is not the full and correct expansion; Technical Rules for International Product Safety: pertains to TBT (Technical Barriers to Trade) agreement, not TRIPS; Tariff Reductions for International Postal Services: an unrelated concept.
The General Agreement on Trade in Services (GATS) was the first multilateral agreement to cover which sector?
Correct Answer: C. Services
• **Services** = The General Agreement on Trade in Services (GATS) was the first multilateral agreement to cover this sector. • **Uruguay Round** — The specific round of negotiations during which GATS was established. • 💡 Wrong-option analysis: Agriculture: covered by the Agreement on Agriculture; Manufacturing: traditionally covered by GATT for goods; Mining: while a goods sector, it's not the unique focus of GATS.
Which body of the WTO handles the day-to-day work and consists of ambassadors from all member countries?
Correct Answer: B. General Council
• **General Council** = This body of the WTO handles the day-to-day work and consists of ambassadors from all member countries. • **Regularly meets** — Describes the meeting frequency of the General Council, unlike the biennial Ministerial Conference. • 💡 Wrong-option analysis: Ministerial Conference: the highest decision-making body, meets less frequently; Secretariat: the administrative body, not composed of ambassadors; Appellate Body: part of the dispute settlement system, not responsible for day-to-day operations.