Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

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

Question:

Which of the following statement (s) is/are correct int he context of functioning of WTO?

Statement 1: Developing countries feel cheated as they are forced to open their markets for developed countries but are not allowed access to the markets of developed countries.

Statement 2: A major volume of international trade occurs among the developed nations.

Options:

Only Statement 1 is correct.

Only Statement 2 is correct.

Both statements are correct.

None of the given statement is correct.

Correct Answer:

Both statements are correct.

Explanation:

Some scholars question the usefulness of India being a member of the WTO as a major volume of international trade occurs among the developed nations. They also say that while developed countries file complaints over agricultural subsidies given in their countries, developing countries feel cheated as they are forced to open their markets for developed countries but are not allowed access to the markets of developed countries.