Question

Match the correct Pairs.

Group 'A'	Group 'B'
a) IMF	1) Export Inspection Council
b) India	2) Selling a product directly to a foreign country.
c) IIP	3) Selling a product by a company to the affiliated company
d) GATS	4) Contract manufacturing
e) Direct Exporting	5) Founder member of WTO
	6) Organization of 187 countries
	7) Organization of 100 countries
	8) General Agreement of Trade in Services
	9) State Trading Corporation of India Ltd.
	10) Indian Institute of Packaging

Answer 1

Group 'A'	Group 'B'
a) IMF	6) Organization of 187 countries
b) India	5) Founder member of WTO
c) IIP	10) Indian Institute of Packaging
d) GATS	8) General Agreement of Trade in Services
e) Direct Exporting	3) Selling a product directly to a foreign country.

Explanations:
a) International Monetary Fund (IMF) has a membership of 187 countries. It has its headquarters in Washington, DC. This organisation was set up to promote international trade and employment and to stabilise the exchange rate.

b) India is a founder member of World Trade Organisation (WTO), which is an international trade organisation set up to promote multilateral trade and reduce tariff and non-tariff barriers to trade. India has been a member of WTO since 1st January, 1995.

c) IIP stands for Indian Institute of Packaging. This institute was established in May, 1966 with the aim of improving the standard of packaging, especially of the products that are exported, as good packaging helps in promotion of the products.

d) GATS is the acronym for General Agreement on Trade in Services. GATS came into existence in 1995 and it spells out the legal framework for trade in services. It aims to liberalise exchange of services between the nations.

e) Direct exporting refers to selling of a product directly to a foreign country, i.e. without the involvement of any third country. When goods are sold through some other country, it is referred to as indirect exporting.