Question

Consider the following statements relating to the World Trade Organisations.
1. The WTO deals with the global rules of trade between nations.
2. The goal of the WTO is to help producers of goods and services, exporters and importers to conduct their business.
3. The WTO, which is a successor body of the General Agreement on Tariffs and Trade came into being following the Uruguay Round of Negotiations.
4. The WTO distances itself from framing rules on trade in intellectual property rights.
Which of the statements given above are correct?

• A. 1 and 2
• B. 2, 3 and 4
• C. 1, 2 and 4
• D. 1 and 3

Answer 1

The correct option is A 1 and 2

The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. The goal is to help producers of goods and services, exporters, and importers conduct their business. It is the largest international economic organization in the world. The WTO deals with regulation of trade in goods, services and intellectual property between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, which are signed by representatives of member governments and ratified by their Parliaments. Most of the issues that the WTO focuses on are derived from previous trade negotiations, especially from the Uruguay Round (1986–1994).