ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To reduce poverty
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To develop trade in more developed countries
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To develop trade restrictions
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To liberalise international trade
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Detailed explanation-1: -The WTO agreements cover goods, services and intellectual property. They spell out the principles of liberalization, and the permitted exceptions. They include individual countries’ commitments to lower customs tariffs and other trade barriers, and to open and keep open services markets.
Detailed explanation-2: -It is a forum for governments to negotiate trade agreements. It is a place for them to settle trade disputes. It operates a system of trade rules. Essentially, the WTO is a place where member governments try to sort out the trade problems they face with each other.
Detailed explanation-3: -It establishes rules regarding international trade ensures they are obeyed by its members. 2. Despite the principle of free trade for all, many developed countries have unfair retained trade barriers. On the contrary, WTO has forced developing countries to remove trade barriers.
Detailed explanation-4: -Global trade-The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that global trade flows smoothly, predictably and freely as possible.
Detailed explanation-5: -World Trade Organisation (WTO) is an organisation whose aim is to liberalise .