Consider the following statements regarding the World Trade Organisation Trade Policy Review TPR of ...........

Economic and Social Issues Liberalization, Privatization and Globalisation

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Consider the following statements regarding the World Trade Organisation Trade Policy Review (TPR) of countries

Its objective is to increase the transparency and understanding of countries’ trade policies and practices, through regular monitoring.
It is focused only on goods trade of countries.
The frequency of each member’s review varies according to its share of world trade.

Select the correct statement.

1 only

1&2 only

1&3 only

2&3 only

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Explanation:

Surveillance of national trade policies is a fundamentally important activity running throughout the work of the WTO. The objective of the WTO Trade Policy Review is

to increase the transparency and understanding of countries’ trade policies and practices, through regular monitoring
to enable a multilateral assessment of the effects of policies on the world trading system.

Participants agreed to set up the reviews at the December 1988 ministerial meeting that was intended to be the midway assessment of the Uruguay Round. The first review took place the following year.

Initially they operated under GATT and, like GATT, they focused on goods trade. With the creation of the WTO in 1995, their scope was extended, like the WTO, to include services and intellectual property.

All WTO members are reviewed, the frequency of each country’s review varying according to its share of world trade.