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Business Studies

WTO and Benefits

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Question

State with reasons whether the following statements are True or False.

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.

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Solution

The world trade organisation is the only global organisation dealing with the rules of trade between nations- True

Explanation:
The World Trade Organization, set up on 1st January, 1995 is the only global institution which has established rules and regulations regarding foreign trade. It aims at removing tariff and non-tariff barriers among its member nations.

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Q. Which of the following is a global organisation that deals with the rules of trade between nations?

Q. Write a word or phrase or a term which can substitute each of the following statements.
1. The goods which cannot be seen or touched.
2. Name of the firm which is temporary partnership.
3. Name the international organization which dealing with rules of trade between nations.

Q. Consider the following statements relating to the World Trade Organisations(WTO):

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.

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. The WTO, which is a successor body of the General Agreement on Tariffs and Trade, came into being following the Uruguay Round of Negotiations.

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. The WTO distances itself in framing of rules on trade in intellectual property rights.
Which of the statements given are correct?

Q. Country X, a member of the World Trade Organization (WTO), has a trade dispute with country Y, a non-member of the World Trade Organization.

Will the WTO try to solve this trade dispute? Why?

Q. The Headquaters of World Trade organization (WTO) is at ______.

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