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With respect to World Trade Organisation (WTO), consider the following statements :
1. The Ministerial Conference is the WTO's top decision-making body and meets annually.
2. To protect global fish stocks better, WTO passed a multilateral agreement to curb 'harmful' subsidies on illegal, unreported and unregulated fishing for the next four years.
3. WTO's Agreement on Government Procurement is to mutually open government procurement markets among its parties which is binding in nature.
Which of the statements given above is/are correct ?
- a)1 only
- b)2 only
- c)2 and 3 only
- d)1 and 3 only
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
With respect to World Trade Organisation (WTO), consider the following...
The World Trade Organization (WTO) is the only global international organization dealing with trade rules between nations. The Ministerial Conference is the topmost body of the WTO under the governance structure set up by the "Agreement establishing the WTO." The Ministerial Conference, which usually meets every two years, brings together all members of the WTO, all of which are countries or customs unions. The Ministerial Conference can decide on all matters under any multilateral trade agreement. So, Statement 1 is not correct.
The WTO Agreement on Fisheries Subsidies, adopted at the 12th Ministerial Conference (MC12) on 17 June 2022, marks a major step forward for ocean sustainability by prohibiting harmful fisheries subsidies, which are a key factor in the widespread depletion of the world's fish stocks. MC12 is the first broad, binding, multilateral Aogreement on ocean sustainability and only the second Agreement reached at the WTO since its inception. For the Agreement to become operational, two- thirds of members have to deposit their "instruments of acceptance" with the WTO. As per Article 25 of the SCM Agreement, If comprehensive disciplines are not adopted within four years of the entry into force of this Agreement by the member nation, and unless otherwise decided by the General Council, this Agreement shall stand immediately terminated. Thus, this MC12 Agreement is valid for the next four years. So, Statement 2 is correct.
To ensure open, fair and transparent conditions of competition in the government procurement markets, some WTO members have negotiated the Agreement on Government Procurement (GPA). Government Procurement (GPA) is a plurilateral agreement within the framework of the WTO, meaning that not all WTO members are parties to the Agreement. At present, the Agreement has 21 parties comprising 48 WTO members. The fundamental aim of the GPA is to mutually open government procurement markets among its parties. As a binding international treaty, the GPA is administered by the Committee on Government Procurement which is composed of representatives of all its parties. The enforcement of the Agreement is realized through two mechanisms: the domestic review mechanism at the national level and the WTO dispute settlement mechanism at the international level.
So, Statement 3 is correct.
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With respect to World Trade Organisation (WTO), consider the following statements :1. The Ministerial Conference is the WTOs top decision-making body and meets annually.2. To protect global fish stocks better, WTO passed a multilateral agreement to curb harmful subsidies on illegal, unreported and unregulated fishing for the next four years.3. WTOs Agreement on Government Procurement is to mutually open government procurement markets among its parties which is binding in nature.Which of the statements given above is/are correct ?a)1 onlyb)2 onlyc)2 and 3 onlyd)1 and 3 onlyCorrect answer is option 'C'. Can you explain this answer?
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With respect to World Trade Organisation (WTO), consider the following statements :1. The Ministerial Conference is the WTOs top decision-making body and meets annually.2. To protect global fish stocks better, WTO passed a multilateral agreement to curb harmful subsidies on illegal, unreported and unregulated fishing for the next four years.3. WTOs Agreement on Government Procurement is to mutually open government procurement markets among its parties which is binding in nature.Which of the statements given above is/are correct ?a)1 onlyb)2 onlyc)2 and 3 onlyd)1 and 3 onlyCorrect 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 With respect to World Trade Organisation (WTO), consider the following statements :1. The Ministerial Conference is the WTOs top decision-making body and meets annually.2. To protect global fish stocks better, WTO passed a multilateral agreement to curb harmful subsidies on illegal, unreported and unregulated fishing for the next four years.3. WTOs Agreement on Government Procurement is to mutually open government procurement markets among its parties which is binding in nature.Which of the statements given above is/are correct ?a)1 onlyb)2 onlyc)2 and 3 onlyd)1 and 3 onlyCorrect 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 With respect to World Trade Organisation (WTO), consider the following statements :1. The Ministerial Conference is the WTOs top decision-making body and meets annually.2. To protect global fish stocks better, WTO passed a multilateral agreement to curb harmful subsidies on illegal, unreported and unregulated fishing for the next four years.3. WTOs Agreement on Government Procurement is to mutually open government procurement markets among its parties which is binding in nature.Which of the statements given above is/are correct ?a)1 onlyb)2 onlyc)2 and 3 onlyd)1 and 3 onlyCorrect answer is option 'C'. Can you explain this answer?.
With respect to World Trade Organisation (WTO), consider the following statements :1. The Ministerial Conference is the WTOs top decision-making body and meets annually.2. To protect global fish stocks better, WTO passed a multilateral agreement to curb harmful subsidies on illegal, unreported and unregulated fishing for the next four years.3. WTOs Agreement on Government Procurement is to mutually open government procurement markets among its parties which is binding in nature.Which of the statements given above is/are correct ?a)1 onlyb)2 onlyc)2 and 3 onlyd)1 and 3 onlyCorrect 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 With respect to World Trade Organisation (WTO), consider the following statements :1. The Ministerial Conference is the WTOs top decision-making body and meets annually.2. To protect global fish stocks better, WTO passed a multilateral agreement to curb harmful subsidies on illegal, unreported and unregulated fishing for the next four years.3. WTOs Agreement on Government Procurement is to mutually open government procurement markets among its parties which is binding in nature.Which of the statements given above is/are correct ?a)1 onlyb)2 onlyc)2 and 3 onlyd)1 and 3 onlyCorrect 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 With respect to World Trade Organisation (WTO), consider the following statements :1. The Ministerial Conference is the WTOs top decision-making body and meets annually.2. To protect global fish stocks better, WTO passed a multilateral agreement to curb harmful subsidies on illegal, unreported and unregulated fishing for the next four years.3. WTOs Agreement on Government Procurement is to mutually open government procurement markets among its parties which is binding in nature.Which of the statements given above is/are correct ?a)1 onlyb)2 onlyc)2 and 3 onlyd)1 and 3 onlyCorrect answer is option 'C'. Can you explain this answer?.
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