Consider the following statements relating to the World Trade Organization WTO 1 The WTO deals with ...........

Economic Affairs World Trade Organsiation (WTO)

Consider the following statements relating to the World Trade Organization (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 conduct their business.

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

4. The WTO distances itself in framing of rules on trade n intellectual property rights.

Which of the statements given above are correct?

l, 2 and 3 only

2, 3 and 4 only

1, 2 and 4 only

1 and 3 only

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Explanation:

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters and importers conduct their business. The Uruguay Round led to the creation of the World Trade Organization, with GATT remaining as an integral part of the WTO agreements. The agreements fall into a simple structure with six main parts, intellectual property (Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)) was one of them.