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Consider the below statements about WTO:
1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT).
2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.
3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment.
Select the incorrect statements using the codes given below:
1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT).
2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.
3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment.
Select the incorrect statements using the codes given below:
- a)1 and 2 only
- b)2 and 3 only
- c)1 and 3 only
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Consider the below statements about WTO:1. The WTO was founded in 1995...
The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT). WTO is expected to establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.
Most Upvoted Answer
Consider the below statements about WTO:1. The WTO was founded in 1995...
The correct answer is option A) 1 and 2 only.
Explanation:
1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT).
This statement is incorrect. The WTO (World Trade Organization) was not founded as the successor organization to the International Treaty for Trade (ITT). The WTO was established on January 1, 1995, as the successor to the General Agreement on Tariffs and Trade (GATT), which was founded in 1947. The ITT is not a relevant organization in this context.
2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.
This statement is correct. The WTO aims to establish a modern trading regime where nations have the right to place suitable restrictions on trade. While the WTO promotes the principles of free trade and reducing barriers to trade, it also recognizes that countries may need to impose restrictions on trade in certain circumstances, such as for public health, national security, or environmental protection reasons.
3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilization of world resources, and to protect the environment.
This statement is incorrect. While the WTO has a broad mandate to facilitate international trade, its primary purpose is not to enlarge production and trade of services, ensure optimum utilization of world resources, or protect the environment. These objectives may be addressed indirectly through trade negotiations and agreements, but they are not the primary focus of the WTO.
In conclusion, the incorrect statements are 1) The WTO was founded in 1995 as the successor organization to the International Treaty for Trade (ITT) and 3) In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilization of world resources, and to protect the environment.
Explanation:
1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT).
This statement is incorrect. The WTO (World Trade Organization) was not founded as the successor organization to the International Treaty for Trade (ITT). The WTO was established on January 1, 1995, as the successor to the General Agreement on Tariffs and Trade (GATT), which was founded in 1947. The ITT is not a relevant organization in this context.
2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.
This statement is correct. The WTO aims to establish a modern trading regime where nations have the right to place suitable restrictions on trade. While the WTO promotes the principles of free trade and reducing barriers to trade, it also recognizes that countries may need to impose restrictions on trade in certain circumstances, such as for public health, national security, or environmental protection reasons.
3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilization of world resources, and to protect the environment.
This statement is incorrect. While the WTO has a broad mandate to facilitate international trade, its primary purpose is not to enlarge production and trade of services, ensure optimum utilization of world resources, or protect the environment. These objectives may be addressed indirectly through trade negotiations and agreements, but they are not the primary focus of the WTO.
In conclusion, the incorrect statements are 1) The WTO was founded in 1995 as the successor organization to the International Treaty for Trade (ITT) and 3) In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilization of world resources, and to protect the environment.
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Community Answer
Consider the below statements about WTO:1. The WTO was founded in 1995...
The correct answer is option (a).
The WTO began life on 1january 1995, but its trading system is half a century older. Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided the rules for the system. (The second WTO ministerial meeting, held in Geneva in May 1998, included a celebration of the 50th anniversary of the system.)
The WTO began life on 1january 1995, but its trading system is half a century older. Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided the rules for the system. (The second WTO ministerial meeting, held in Geneva in May 1998, included a celebration of the 50th anniversary of the system.)
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Consider the below statements about WTO:1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT).2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment.Select the incorrect statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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Consider the below statements about WTO:1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT).2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment.Select the incorrect statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)None of the aboveCorrect answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Consider the below statements about WTO:1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT).2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment.Select the incorrect statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)None of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the below statements about WTO:1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT).2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment.Select the incorrect statements using the codes given below:a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)None of the aboveCorrect answer is option 'A'. Can you explain this answer?.
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