12. In the run-up to the 11th Ministerial Conference to be held in Buenos Aires in December 2017, the terms such as ‘Agreement on Agriculture’ and Peace Clause’ which appears frequently in news are associated with
c) World Trade Organization
Ans 12. C
Explanation: The World Trade Organization (WTO) is an intergovernmental organization which regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948.The WTO deals with regulation of trade between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements ,.Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round (1986–1994). Agricultural Special Safeguard Mechanism (SSM) for developing countries, public stockholding for food security purposes, a commitment to abolish export subsidies for farm exports and measures related to cotton.