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
The General Agreement on Tariffs and Trade (GATT) served as the predecessor to the WTO. It was established in 1947 to reduce trade barriers after World War II. The WTO replaced GATT as a permanent international organization in 1995.
The World Trade Organization was officially established on which date?
Correct Answer: B. January 1, 1995
The WTO officially began its operations on January 1, 1995. It was created to manage and liberalize international trade. Most of the world's trading nations are now members of this organization.
Where is the headquarters of the World Trade Organization located?
Correct Answer: C. Geneva, Switzerland
The headquarters of the WTO is located in Geneva, Switzerland. It is situated in the Centre William Rappard building. Geneva is a major hub for various international organizations and diplomatic activities.
What is the highest decision-making body of the World Trade Organization?
Correct Answer: D. Ministerial Conference
The Ministerial Conference is the highest decision-making body of the WTO. It usually meets every two years and consists of representatives from all member countries. It has the authority to make decisions on all matters under any of the multilateral trade agreements.
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 took office as the Director-General in March 2021. She is an economist and former finance minister of Nigeria. Her appointment marked a historic milestone for both gender and regional representation in the organization.
The agreement that led to the creation of the WTO is known as the?
Correct Answer: B. Marrakesh Agreement
The Marrakesh Agreement was signed in Morocco in April 1994. It concluded the Uruguay Round of negotiations and formally established the WTO. This agreement provided the legal foundation for the modern global trading system.
The principle of 'Most Favoured Nation' (MFN) in the WTO means?
Correct Answer: B. Treating all WTO members equally in terms of trade barriers
The MFN principle requires that any favour granted to one member must be extended to all other WTO members. It ensures non-discrimination between different trading partners. There are certain exceptions, such as for regional free trade agreements.
What does the acronym 'TRIPS' stand for in the context of the WTO?
Correct Answer: B. Trade Related Aspects of Intellectual Property Rights
TRIPS stands for Trade-Related Aspects of Intellectual Property Rights. It sets the minimum standards for the protection of intellectual property globally. This includes areas such as patents, copyrights, and trademarks.
The General Agreement on Trade in Services (GATS) was the first multilateral agreement to cover which sector?
Correct Answer: C. Services
GATS was established during the Uruguay Round to govern international trade in services. It covers sectors such as banking, telecommunications, and tourism. Before GATS, international trade rules primarily focused on physical goods.
Which body of the WTO handles the day-to-day work and consists of ambassadors from all member countries?
Correct Answer: B. General Council
The General Council is the highest-level decision-making body in Geneva that meets regularly. It carries out the functions of the WTO between Ministerial Conferences. It also meets as the Dispute Settlement Body and the Trade Policy Review Body.