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Humanities/Arts Exam  >  Humanities/Arts Questions  >  WTO stands fora)World Trade Organisation.b)Wo... Start Learning for Free
WTO stands for
  • a)
    World Trade Organisation.
  • b)
    World Territorial Organisation.
  • c)
    War Trust Organisation.
  • d)
    World Trade Organ.
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
WTO stands fora)World Trade Organisation.b)World Territorial Organisat...
The World Trade Organisation (WTO) is the only global international organisation dealing with the rules of trade between nations.
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Most Upvoted Answer
WTO stands fora)World Trade Organisation.b)World Territorial Organisat...
Explanation:

World Trade Organization (WTO) is an international organization established in 1995 to promote free trade and facilitate global economic interactions. It replaced the General Agreement on Tariffs and Trade (GATT) established in 1948.

Functions of WTO:

1. Administering WTO trade agreements: WTO administers multilateral trade agreements among member countries, including agreements on goods, services, and intellectual property.

2. Providing a forum for trade negotiations: WTO provides a platform for member countries to negotiate and resolve trade disputes.

3. Monitoring national trade policies: WTO monitors the trade policies of member countries to ensure that they comply with international trade agreements.

4. Technical assistance and training for developing countries: WTO provides technical assistance and training to developing countries to help them participate effectively in the global trading system.

5. Cooperating with other international organizations: WTO cooperates with other international organizations to promote global economic development.

Conclusion:

In conclusion, WTO stands for World Trade Organization, which is an international organization established to promote free trade and facilitate global economic interactions among member countries. Its functions include administering WTO trade agreements, providing a forum for trade negotiations, monitoring national trade policies, providing technical assistance and training for developing countries, and cooperating with other international organizations to promote global economic development.
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Direction: Read the case study given below and answer the questions that follow:In 1948, to liberalise the world from high customs tariffs and various other types of restrictions, General Agreement for Tariffs and Trade (GATT) was formed by some countries. In 1994, it was decided by the member countries to set up a permanent institution for looking after the promotion of free and fair trade amongst nation and the GATT was transformed in to the World Trade Organisation from 1st January 1995. WTO is the only international organisation dealing with the global rules of trade between nations. It sets the rules for the global trading system and resolves disputes between its member nations. WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual rights. The WTO has however been criticised and opposed by those who are worried about the effects of free trade and economic globalisation. It is argued that free trade does not make ordinary people’s lives more prosperous. It is actually widening the gulf between rich and poor by making rich countries more rich. This is because the influential nations in the WTO focus on their own commercial interests. Moreover, many developed countries have not fully opened their markets to products from developing countries. It is also argued that issues of health, worker’s rights, child labour and environment are ignored.Why was GATT abolished?

Direction: Read the case study given below and answer the questions that follow:In 1948, to liberalise the world from high customs tariffs and various other types of restrictions, General Agreement for Tariffs and Trade (GATT) was formed by some countries. In 1994, it was decided by the member countries to set up a permanent institution for looking after the promotion of free and fair trade amongst nation and the GATT was transformed in to the World Trade Organisation from 1st January 1995. WTO is the only international organisation dealing with the global rules of trade between nations. It sets the rules for the global trading system and resolves disputes between its member nations. WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual rights. The WTO has however been criticised and opposed by those who are worried about the effects of free trade and economic globalisation. It is argued that free trade does not make ordinary people’s lives more prosperous. It is actually widening the gulf between rich and poor by making rich countries more rich. This is because the influential nations in the WTO focus on their own commercial interests. Moreover, many developed countries have not fully opened their markets to products from developing countries. It is also argued that issues of health, worker’s rights, child labour and environment are ignored.Why was GATT formed?

Direction: Read the case study given below and answer the questions that follow:In 1948, to liberalise the world from high customs tariffs and various other types of restrictions, General Agreement for Tariffs and Trade (GATT) was formed by some countries. In 1994, it was decided by the member countries to set up a permanent institution for looking after the promotion of free and fair trade amongst nation and the GATT was transformed in to the World Trade Organisation from 1st January 1995. WTO is the only international organisation dealing with the global rules of trade between nations. It sets the rules for the global trading system and resolves disputes between its member nations. WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual rights. The WTO has however been criticised and opposed by those who are worried about the effects of free trade and economic globalisation. It is argued that free trade does not make ordinary people’s lives more prosperous. It is actually widening the gulf between rich and poor by making rich countries more rich. This is because the influential nations in the WTO focus on their own commercial interests. Moreover, many developed countries have not fully opened their markets to products from developing countries. It is also argued that issues of health, worker’s rights, child labour and environment are ignored.When will GATT come into effect?

Direction: Read the case study given below and answer the questions that follow:In 1948, to liberalise the world from high customs tariffs and various other types of restrictions, General Agreement for Tariffs and Trade (GATT) was formed by some countries. In 1994, it was decided by the member countries to set up a permanent institution for looking after the promotion of free and fair trade amongst nation and the GATT was transformed in to the World Trade Organisation from 1st January 1995. WTO is the only international organisation dealing with the global rules of trade between nations. It sets the rules for the global trading system and resolves disputes between its member nations. WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual rights. The WTO has however been criticised and opposed by those who are worried about the effects of free trade and economic globalisation. It is argued that free trade does not make ordinary people’s lives more prosperous. It is actually widening the gulf between rich and poor by making rich countries more rich. This is because the influential nations in the WTO focus on their own commercial interests. Moreover, many developed countries have not fully opened their markets to products from developing countries. It is also argued that issues of health, worker’s rights, child labour and environment are ignored.When was GATT transformed in WTO?

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WTO stands fora)World Trade Organisation.b)World Territorial Organisation.c)War Trust Organisation.d)World Trade Organ.Correct answer is option 'A'. Can you explain this answer?
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