GENERAL KNOWLEDGE

Detailed explanation-1: -The World Trade Organization, commonly referred to as WTO, is an international organisation dealing with the rules of trade between nations. Its goal is to ensure that trade flows as smoothly, predictably, and freely as possible.

Detailed explanation-2: -The World Trade Organisation (WTO) lays stress on liberalization of foreign trade and foreign investment.

Detailed explanation-3: -The trade liberalization policy under the WTO regime has three fundamental components. They include: Expansion of market access by requiring the conversion of all non-tariff barriers to tariffs (tariffication) and the binding and reduction of these tariffs. Reduction of trade-distorting domestic subsidies or support.

Detailed explanation-4: -The Indian Institute of Foreign Trade (IIFT) was set up in 1963 by the Government of India as an autonomous organisation to help Indian exporters in foreign trade management and increase exports by developing human resources, generating, analysing and disseminating data and conducting research.