Chp - 22 ~ World Trade Organisation (WTO)

Question 1

What is GATT?

Answer 1

General Agreement on Tariffs and Trade. It is a multilateral treaty and it laid down mutually agreed rules for conducting international trade.

Question 2

When and where was GATT signed?

Answer 2

It was signed at Geneva on 30 October, 1947 by 23 countries. It came into force on 1 January 1948.

Question 3

Define WTO.

Answer 3

1. WTO stands for World Trade Organisation.
2. It was established on 1 January, 1995.
3. It is the successor to GATT.
4. It has 146 member nations.
5. India is one of the founder members.
6. The ministerial conference consisting of the representatives of all the member nations is the highest decision-making authority of the WTO.
7. It meets once almost every three years.
8. It is empowered to take decisions on all matters under the multilateral trade agreement.
9. The day-to-day work of WTO is entrusted to the General council.
10. WTO is located at Geneva (Switzerland).

Question 4

What are the objectives of the WTO?

Answer 4

WTO seeks to achieve the following objectives:
1. to raise the standard of living
2. to ensure full employment
3. to expand production
4. to expand trade in goods and services
5. to make optimum use of world’s resources
6. to achieve sustainable development.