ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The fundamental principles of trade facilitation are transparency, simplification, harmonization, and standardization.

Detailed explanation-2: -Irregular and indented coastlines provide an ideal location for natural harbours and ports. This is because they are not smooth and have several cuts which lead to the formation of inland waterways, and creeks which provide a large entrance for the ships. Q. 20.

Detailed explanation-3: -The correct answer is i: it makes it possible for society to become better off if individuals, firms, and countries specialize in producing goods and services that provide an absolute advantage.

Detailed explanation-4: -Trade facilitation, in the WCO context, means the avoidance of unnecessary trade restrictiveness. This can be achieved by applying modern techniques and technologies, while improving the quality of controls in an internationally harmonized manner.