GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Developed countries
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Developing countries
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Either A or B
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None of the above
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Detailed explanation-1: -World Trade Organisation (WTO) was started at the initiative of which one of the following group of countries? a)Rich countriesb)Poor countriesc)Developed countriesd)Developing countriesCorrect answer is option ‘C’.
Detailed explanation-2: -There are no WTO definitions of “developed” and “developing” countries. Members announce for themselves whether they are “developed” or “developing” countries. However, other members can challenge the decision of a member to make use of provisions available to developing countries.
Detailed explanation-3: -The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments.
Detailed explanation-4: -164 members since 29 July 2016, with dates of WTO membership.