Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Liberalisation, Privatisation and Globalisation - An Appraisal

Question:

Which of the following statement is true in the context of WTO?

  1. Developing countries feel cheated as they are forced to open up their markets for developed countries but are not allowed access to the markets of developed countries.
  2. The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through imposition of tariff as well as non-tariff barriers and providing greater market access to all member countries.
  3. The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT).
Options:

1,2 and 3

1 and 2

2 and 3

1 and 3

Correct Answer:

1 and 3

Explanation:

The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through removal of tariff as well as non-tariff barriers and providing greater market access to all member countries.