BANKING AFFAIRS

Detailed explanation-1: -Non Agricultural Market Access (NAMA) relates to trade negotiations on non-agricultural or industrial products. In the NAMA negotiations, WTO Members discuss the terms or modalities for reducing or eliminating customs tariff and non tariff barriers on trade in industrial products.

Detailed explanation-2: -On 1 January 1995, the WTO replaced GATT, which had been in existence since 1947, as the organization overseeing the multilateral trading system. The governments that had signed GATT were officially known as “GATT contracting parties”.

Detailed explanation-3: -8. Which of the following body is not related to the WTO? Explanation: Exchange Rate Management Body is not associated with the WTO while other bodies are closely related to the WTO. 9.

Detailed explanation-4: -WTO is the successor to the General Agreement on Tariffs and Trade (GATT). WTO is not a United Nations specialized agency and it is not part of the United Nations system, but has cooperative arrangements and practices with the United Nations.

Detailed explanation-5: -The General Agreement on Tariffs and Trade (GATT) covers international trade in goods. The workings of the GATT agreement are the responsibility of the Council for Trade in Goods (Goods Council) which is made up of representatives from all WTO member countries.