World Trade Organization (WTO)

The correct answer is option 'C', World Trade Organization (WTO). The terms Agreement of Agriculture, Agreement on the Application of Sanitary and Phytosanitary Measures, and Peace Clause frequently appear in the news in the context of the affairs of the World Trade Organization (WTO).

The World Trade Organization (WTO) is an international organization that deals with global rules of trade between nations. It aims to ensure that trade flows as smoothly, predictably, and freely as possible. The WTO is based on agreements negotiated and signed by its member countries, which cover a wide range of trade-related topics.

The three terms mentioned in the question are significant agreements and clauses within the framework of the WTO:

1. Agreement on Agriculture:
The Agreement on Agriculture is an international treaty that came into force in 1995 as a part of the Uruguay Round negotiations of the General Agreement on Tariffs and Trade (GATT). The agreement seeks to reform agricultural trade and reduce trade-distorting subsidies by establishing rules and disciplines for agricultural trade. It covers areas such as market access, domestic support, and export subsidies.

2. Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement):
The Agreement on the Application of Sanitary and Phytosanitary Measures is another international treaty administered by the WTO. It aims to protect human, animal, and plant health from risks associated with pests, diseases, and contaminants while ensuring that trade is not unnecessarily hindered. The agreement allows countries to establish their own sanitary and phytosanitary measures, but they must be based on scientific principles and not be used as disguised trade barriers.

3. Peace Clause:
The Peace Clause is a temporary provision within the Agreement on Agriculture that protects developing countries against legal challenges from other WTO members regarding their agricultural subsidies. It provides a temporary shield for developing countries' domestic support programs that would otherwise be considered trade-distorting. The Peace Clause was introduced in the Doha Development Round of negotiations in 2001 and has been extended multiple times, with the latest extension being until 2023.

In conclusion, the Agreement of Agriculture, Agreement on the Application of Sanitary and Phytosanitary Measures, and Peace Clause are all terms that pertain to the affairs of the World Trade Organization (WTO). These agreements and clauses are crucial for regulating agricultural trade, ensuring food safety, and addressing trade-distorting subsidies.