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World Trade Organisation Video Lecture | UPSC Mains: International Relations
FAQs on World Trade Organisation Video Lecture - UPSC Mains: International Relations
| 1. What is the World Trade Organisation (WTO)? |  |
Ans. The World Trade Organisation (WTO) is an international organization that deals with the global rules of trade between nations. It provides a framework for negotiating trade agreements, settling disputes, and ensuring that trade flows smoothly.
| 2. How does the World Trade Organisation promote free trade? | |
Ans. The World Trade Organisation promotes free trade by reducing trade barriers such as tariffs and quotas. It encourages member countries to lower their trade barriers, negotiate and implement trade agreements, and resolve trade disputes through its dispute settlement mechanism.
| 3. What are the benefits of being a member of the World Trade Organisation? | |
Ans. Being a member of the World Trade Organisation provides several benefits. It offers access to a global marketplace, promotes economic growth and development, ensures fair and transparent trade practices, and provides a platform for resolving trade disputes. Additionally, it allows countries to participate in the decision-making process of global trade rules.
| 4. How does the World Trade Organisation impact developing countries? | |
Ans. The World Trade Organisation aims to help developing countries integrate into the global economy. It provides technical assistance and capacity-building programs to help them better understand and implement trade rules. It also allows developing countries to negotiate special and differential treatment, enabling them to protect their domestic industries and promote economic growth.
| 5. How does the World Trade Organisation handle trade disputes? | |
Ans. The World Trade Organisation has a dispute settlement mechanism that provides a forum for resolving trade disputes between member countries. It follows a structured process that involves consultations, panel hearings, and appellate review. The decisions of the dispute settlement body are binding, and non-compliance can result in authorized retaliatory measures by the affected party.
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