GENERAL KNOWLEDGE

GK

WORLD ORGANISATIONS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Developing countries should be offered flexibility with respect to lowering their trade barriers, more time to adjust to change and special privileges. What principle is this?

A	Non-discrimination
B	Free trade
C	Predictability
D	Promotion of fair competition
E	Development and economic reform should be encouraged

Explanation:

Detailed explanation-1: -The WTO’s founding and guiding principles remain the pursuit of open borders, the guarantee of most-favoured-nation principle and non-discriminatory treatment by and among members, and a commitment to transparency in the conduct of its activities.

Detailed explanation-2: -By lowering trade barriers through negotiations among member governments, the WTO’s system also breaks down other barriers between peoples and trading economies.

Detailed explanation-3: -Freer trade: gradually, through negotiation Lowering trade barriers is one of the most obvious means of encouraging trade. The barriers concerned include customs duties (or tariffs) and measures such as import bans or quotas that restrict quantities selectively.

There is 1 question to complete.