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With reference to the Duty-free quota-free (DFQF) scheme, consider the following statements:
- It is a scheme under World Trade organization which is available to developing nations.
- The provisions of this scheme were decided in Bali Ministerial Meeting.
Which of the statements given above is/are correct?
- a)1 Only
- b)2 Only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Duty-free quota-free (DFQF) scheme,consider the ...
Introduction:
Duty-free quota-free (DFQF) is a scheme aimed at promoting trade by providing preferential treatment to developing countries. It is an initiative of the World Trade Organization (WTO).
Statement analysis:
1. It is a scheme under World Trade organization which is available to developing nations.
This statement is correct. The DFQF scheme is an initiative of the World Trade Organization and is available to developing countries.
2. The provisions of this scheme were decided in Bali Ministerial Meeting.
This statement is incorrect. While the Bali Ministerial Meeting did discuss the DFQF scheme, it was not where the provisions of the scheme were decided. The DFQF scheme was actually launched at the 2005 Hong Kong Ministerial Conference of the WTO.
Conclusion:
Hence, the correct answer is option 'D' - Neither 1 nor 2.
Duty-free quota-free (DFQF) is a scheme aimed at promoting trade by providing preferential treatment to developing countries. It is an initiative of the World Trade Organization (WTO).
Statement analysis:
1. It is a scheme under World Trade organization which is available to developing nations.
This statement is correct. The DFQF scheme is an initiative of the World Trade Organization and is available to developing countries.
2. The provisions of this scheme were decided in Bali Ministerial Meeting.
This statement is incorrect. While the Bali Ministerial Meeting did discuss the DFQF scheme, it was not where the provisions of the scheme were decided. The DFQF scheme was actually launched at the 2005 Hong Kong Ministerial Conference of the WTO.
Conclusion:
Hence, the correct answer is option 'D' - Neither 1 nor 2.
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Community Answer
With reference to the Duty-free quota-free (DFQF) scheme,consider the ...
According to a report by the least developed countries Group at the World Trade Organisation (WTO), the Duty-free quota-free (DFQF) scheme remains unutilized by the LDC nations.
- What it is? The decision to provide duty-free quota-free (DFQF) access for LDCs was first taken at the WTO Hong Kong Ministerial Meeting in 2005.
- India became the first developing country to extend this facility to LDCs in 2008, providing market access to 85 per cent of India’s total tariff lines.
- The scheme was expanded in 2014 providing preferential market access on about 98.2 per cent of India’s tariff lines to LDCs.
Key facts about World Trade Organisation (WTO)
- It was set up on 1st January 1995 and was born out of the 1986-94 Uruguay Round of Negotiations.
- It is the only global international organization dealing with the rules of trade between nations.
- It is the successor to the General Agreement on Tariffs and Trade (GATT).
- The main function of the WTO is to ensure that trade flows as smoothly, predictably and freely as possible.
Hence both statements are not correct.
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With reference to the Duty-free quota-free (DFQF) scheme,consider the following statements: It is a scheme under World Trade organization which is available to developing nations. The provisions of this scheme were decided in Bali Ministerial Meeting.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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With reference to the Duty-free quota-free (DFQF) scheme,consider the following statements: It is a scheme under World Trade organization which is available to developing nations. The provisions of this scheme were decided in Bali Ministerial Meeting.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. 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 With reference to the Duty-free quota-free (DFQF) scheme,consider the following statements: It is a scheme under World Trade organization which is available to developing nations. The provisions of this scheme were decided in Bali Ministerial Meeting.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Duty-free quota-free (DFQF) scheme,consider the following statements: It is a scheme under World Trade organization which is available to developing nations. The provisions of this scheme were decided in Bali Ministerial Meeting.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
With reference to the Duty-free quota-free (DFQF) scheme,consider the following statements: It is a scheme under World Trade organization which is available to developing nations. The provisions of this scheme were decided in Bali Ministerial Meeting.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. 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 With reference to the Duty-free quota-free (DFQF) scheme,consider the following statements: It is a scheme under World Trade organization which is available to developing nations. The provisions of this scheme were decided in Bali Ministerial Meeting.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Duty-free quota-free (DFQF) scheme,consider the following statements: It is a scheme under World Trade organization which is available to developing nations. The provisions of this scheme were decided in Bali Ministerial Meeting.Which of the statements given above is/are correct?a)1 Onlyb)2 Onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
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