GK
WORLD ORGANISATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Non-discrimination
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Free trade
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Predictability
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Promotion of fair competition
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Development and economic reform should be encouraged
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Detailed explanation-1: -The WTO’s global system lowers trade barriers through negotiation and operates under the principle of non-discrimination. The result is reduced costs of production (because imports used in production are cheaper), reduced prices of finished goods and services, more choice and ultimately a lower cost of living.
Detailed explanation-2: -Free trade agreements (FTAs) help expand global market opportunities for U.S. producers and exporters. Bilateral and multilateral trade agreements strip away trade barriers, reduce or eliminate tariffs, and promote investment and economic growth.
Detailed explanation-3: -A Free trade Agreement (FTA) is an agreement between two or more countries where the countries agree on certain obligations that affect trade in goods and services, and protections for investors and intellectual property rights, among other topics.