Question

What is the underlying characteristic of the WTO?

• A. It facilitates economic co-operation between different countries
• B. It facilitates the development of less developed countries
• C. It acts as an umbrella institution that regulates the agreements concluded at the Uruguay round, the organisation's ultimate goal being the promotion of free international trade
• D. It resolves disputes between economic trade blocks

Answer 1

Answer: (C)

It acts as an umbrella institution that regulates the agreements concluded at the Uruguay round, the organisation's ultimate goal being the promotion of free international trade

• Main role of WTO is that it acts an umbrella institution that regulates the agreements concluded at the Uruguay round, the organisation's ultimate goal being the promotion of free international trade.
  
• WTO acts as protecting shield of agreements on international trade conducted in Uruguay which is the last round of GATT.
  
• The crucial role of the WTO is to provide a common institutional framework for the implementation of those agreements.