Question

India abolished the quantitative restrictions on imports of 1429 items in the years 2000 and 2001 as per the commitment to which of the following?

• A. South Asian Free Trade Area (SAFTA) Agreement
• B. General Agreement on Tariffs and Trade (GATT)
• C. World Trade Organisation (WTO)
• D. Non Aligned Movement

Answer 1

The correct option is C World Trade Organisation (WTO)

• India abolished the quantitative restrictions on imports of 1429 items in 2000 and 2001 as per the commitment to WTO.
  
• Following the announcements in the Export Import (EXIM) policies, various changes were effected such as the removal of quantitative restrictions, strengthening the export production base, removal of procedural bottlenecks, technological upgradation and improvement of product quality.
  
• As per India’s commitment to the World Trade Organisation (WTO), India agreed to the phased removal of all balance-of-payments (BoP) related quantitative restrictions by end-March 2001.