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Consider the following statements regarding World Trade Organization (WTO).
- The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.
- It officially commenced operations on 1 January 1995, under the Marrakesh Agreement.
- After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.
Which of the above statements is/are correct?
- a)2, 3
- b)1, 3
- c)1, 2
- d)1, 2, 3
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding World Trade Organization (...
The correct answer is option 'C': 1, 2.
Explanation:
1. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.
The first statement is correct. The World Trade Organization (WTO) is indeed the only global international organization that deals with the rules of trade between nations. It provides a forum for member countries to negotiate and settle trade disputes, and it aims to promote and facilitate international trade by ensuring the smooth flow of goods, services, and intellectual property across borders.
2. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement.
The second statement is also correct. The WTO officially began its operations on 1 January 1995, following the ratification of the Marrakesh Agreement. The agreement was adopted in Marrakesh, Morocco, in April 1994, and it established the legal framework for the WTO and its rules-based system of global trade.
3. After the WTO came into existence, the General Agreement on Tariffs and Trade (GATT) ceased to exist.
The third statement is incorrect. The General Agreement on Tariffs and Trade (GATT) did not cease to exist after the establishment of the WTO. Instead, the WTO is built upon the principles and rules of GATT, which was the predecessor to the WTO. GATT was established in 1947 and served as the framework for international trade negotiations and the reduction of trade barriers among member countries. When the WTO was created, it incorporated and expanded upon the GATT principles, but GATT still exists as an integral part of the WTO.
In conclusion, statements 1 and 2 are correct, while statement 3 is incorrect. Therefore, the correct answer is option 'C': 1, 2.
Explanation:
1. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.
The first statement is correct. The World Trade Organization (WTO) is indeed the only global international organization that deals with the rules of trade between nations. It provides a forum for member countries to negotiate and settle trade disputes, and it aims to promote and facilitate international trade by ensuring the smooth flow of goods, services, and intellectual property across borders.
2. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement.
The second statement is also correct. The WTO officially began its operations on 1 January 1995, following the ratification of the Marrakesh Agreement. The agreement was adopted in Marrakesh, Morocco, in April 1994, and it established the legal framework for the WTO and its rules-based system of global trade.
3. After the WTO came into existence, the General Agreement on Tariffs and Trade (GATT) ceased to exist.
The third statement is incorrect. The General Agreement on Tariffs and Trade (GATT) did not cease to exist after the establishment of the WTO. Instead, the WTO is built upon the principles and rules of GATT, which was the predecessor to the WTO. GATT was established in 1947 and served as the framework for international trade negotiations and the reduction of trade barriers among member countries. When the WTO was created, it incorporated and expanded upon the GATT principles, but GATT still exists as an integral part of the WTO.
In conclusion, statements 1 and 2 are correct, while statement 3 is incorrect. Therefore, the correct answer is option 'C': 1, 2.
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Consider the following statements regarding World Trade Organization (...
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.
World Trade Organization, as an institution, was established in 1995. It replaced General Agreement on Trade and Tariffs (GATT) which was in place since 1946.
World Trade Organization, as an institution, was established in 1995. It replaced General Agreement on Trade and Tariffs (GATT) which was in place since 1946.
- The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994.
- India has been a member of GATT since 1948; hence it was party to Uruguay Round and a founding member of WTO.
- While WTO came in to existence in 1995, GATT didn’t cease to exist. It continues as WTO’s umbrella treaty for trade in goods.
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Consider the following statements regarding World Trade Organization (WTO). The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.Which of the above statements is/are correct?a)2, 3b)1, 3c)1, 2d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding World Trade Organization (WTO). The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.Which of the above statements is/are correct?a)2, 3b)1, 3c)1, 2d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding World Trade Organization (WTO). The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.Which of the above statements is/are correct?a)2, 3b)1, 3c)1, 2d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding World Trade Organization (WTO). The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.Which of the above statements is/are correct?a)2, 3b)1, 3c)1, 2d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regarding World Trade Organization (WTO). The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.Which of the above statements is/are correct?a)2, 3b)1, 3c)1, 2d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding World Trade Organization (WTO). The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.Which of the above statements is/are correct?a)2, 3b)1, 3c)1, 2d)1, 2, 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding World Trade Organization (WTO). The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.Which of the above statements is/are correct?a)2, 3b)1, 3c)1, 2d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?.
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