ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To improve the standard of living of peoples of the member countries
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To enlarge production and trade of goods
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To protect environment
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To improve the Balance of Payment situation of the member countries
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Detailed explanation-1: -Which of the following is not the objective of the WTO? Explanation: WTO is not responsible of the improvement in the Balance of Payment of the member countries while other options given in the question are objectives of the WTO. 8.
Detailed explanation-2: -The overall objective of the WTO is to help its members use trade as a means to raise living standards, create jobs and improve people’s lives. The WTO operates the global system of trade rules and helps developing countries build their trade capacity.
Detailed explanation-3: -To facilitate the expansion and balanced growth of international trade is a function of IMF not WTO.
Detailed explanation-4: -The main objective of WTO is-Reduction of tariffs and other barriers to trade.
Detailed explanation-5: -The two main functions of the WTO are: (d) The administration of the WTO’s institutional framework and the promotion of economic co-operation amongst its members.