World Trade Organsiation (WTO)

Economic Affairs

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Consider the following statements regarding World Trade Organisation (WTO)

The WTO is the successor to the General Agreement on Tariffs and Trade (GATT).
The WTO's objective is to promote the use of trade quotas and increase tariff duties among its members.

Select the correct statement.

1 only

2 only

Both

None

Explanation:

WTO came into being in 1995. The WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War.

Its objective is to help trade flow smoothly, freely and predictably.
It has 164 members, accounting for 98% of world trade.
It was developed through a series of trade negotiations, or rounds, held under the GATT.
GATT is a set of multilateral trade agreements aimed at the abolition of quotas and the reduction of tariff duties among the contracting nations.
The WTO Secretariat is based in Geneva (Switzerland).
The current set is largely the outcome of the 1986- 94 Uruguay Round negotiations, which included a major revision of the original GATT.

Hence only statement 1st is correct.

By: Shubham Tiwari

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