Understanding the World Trade Organization (WTO)

What event led to the formation of the World Trade Organization (WTO)?

• The end of World War II

• The failure of the eighth round of GATT

• The success of the GATT Uruguay Round

• The formation of the United Nations

Which of the following is NOT an objective of the WTO?

• To act as a dispute settlement machinery

• To provide military support to member countries

• To increase market share of developing countries

• To create a global free trade environment

What is one of the primary functions of the WTO?

• To provide healthcare services

• To regulate national education policies

• To manage global environmental policies

• To guide member countries in multilateral trade

When was the WTO Agreement on Agriculture put into practice?

• 1993

• 2000

• 1995

• 1986

What is a major point of contention in the WTO's agricultural agreements?

• Restrictions on digital trade

• High tariffs on technology products

• Developed world agricultural subsidies

• Lack of environmental regulations

What advantage does India have in exporting agricultural products?

• Advanced technology

• High labor costs

• High tariffs on imports

• Low labor cost advantage

What was a significant obstacle to creating a free trade area under the WTO?

• Political instability

• Lack of member countries

• Insufficient infrastructure

• High subsidies by the EU and US

How did India's agricultural exports change after the WTO regime started?

• They grew faster than imports

• They could not grow at the expected rate

• They remained the same

• They decreased significantly

What must Indian farmers do to take full advantage of the WTO?

• Focus on domestic markets only

• Reduce cost of production

• Reduce exportable surplus

• Increase production costs

What is a key strategy for India to improve its position in global trade?

• Form alliances with developing nations

• Adopt static policies

• Focus solely on technology exports

• Increase import tariffs