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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 ...
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 ...
The correct answer is option 'D', neither 1 nor 2. Let's understand why:
1. The statement "It is a scheme under World Trade Organization (WTO) which is available to developing nations" is incorrect. The Duty-free quota-free (DFQF) scheme is not a scheme under the WTO, but rather a commitment made by developed countries to provide duty-free and quota-free access to products originating from least developed countries (LDCs). It is a unilateral trade preference offered by developed countries to support the economic development of LDCs.
2. The statement "The provisions of this scheme were decided in the Bali Ministerial Meeting" is also incorrect. The DFQF scheme was not specifically decided in the Bali Ministerial Meeting. The Bali Ministerial Meeting, held in December 2013, did result in the adoption of the Bali Package, which included various decisions related to trade facilitation, agriculture, and development issues. However, the DFQF scheme is not part of the Bali Package.
The DFQF scheme has its origins in various international agreements and commitments, such as the United Nations Conference on Trade and Development (UNCTAD) and the Generalized System of Preferences (GSP) framework. The GSP framework enables developed countries to grant preferential trade treatment to developing countries, including tariff reductions or exemptions. The DFQF scheme builds upon the GSP framework by specifically providing duty-free and quota-free access to products originating from LDCs, without any conditions or limitations.
In conclusion, neither of the statements given in the question is correct. The DFQF scheme is not a scheme under the WTO, and its provisions were not decided in the Bali Ministerial Meeting. It is a unilateral trade preference offered by developed countries to support the economic development of LDCs.
1. The statement "It is a scheme under World Trade Organization (WTO) which is available to developing nations" is incorrect. The Duty-free quota-free (DFQF) scheme is not a scheme under the WTO, but rather a commitment made by developed countries to provide duty-free and quota-free access to products originating from least developed countries (LDCs). It is a unilateral trade preference offered by developed countries to support the economic development of LDCs.
2. The statement "The provisions of this scheme were decided in the Bali Ministerial Meeting" is also incorrect. The DFQF scheme was not specifically decided in the Bali Ministerial Meeting. The Bali Ministerial Meeting, held in December 2013, did result in the adoption of the Bali Package, which included various decisions related to trade facilitation, agriculture, and development issues. However, the DFQF scheme is not part of the Bali Package.
The DFQF scheme has its origins in various international agreements and commitments, such as the United Nations Conference on Trade and Development (UNCTAD) and the Generalized System of Preferences (GSP) framework. The GSP framework enables developed countries to grant preferential trade treatment to developing countries, including tariff reductions or exemptions. The DFQF scheme builds upon the GSP framework by specifically providing duty-free and quota-free access to products originating from LDCs, without any conditions or limitations.
In conclusion, neither of the statements given in the question is correct. The DFQF scheme is not a scheme under the WTO, and its provisions were not decided in the Bali Ministerial Meeting. It is a unilateral trade preference offered by developed countries to support the economic development of LDCs.
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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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