Which among the following are the functions of WTO?Group of answer choicesDispute settlement between trading countriesProvide guidelines, rules, and regulation regarding trade worldwideAll of the options are correctImplementation of trade-related rulesNext
Question
Which among the following are the functions of WTO?Group of answer choicesDispute settlement between trading countriesProvide guidelines, rules, and regulation regarding trade worldwideAll of the options are correctImplementation of trade-related rulesNext
Solution
All of the options are correct. The World Trade Organization (WTO) has several functions:
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Dispute settlement between trading countries: The WTO provides a platform for member countries to resolve trade disputes. It has a structured process for handling these disputes, which includes consultations, panel discussions, and if necessary, appeal to the Appellate Body.
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Provide guidelines, rules, and regulation regarding trade worldwide: The WTO establishes and enforces rules for international trade. It provides a framework of principles and legal guidelines to ensure that trade flows as smoothly, predictably, and freely as possible.
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Implementation of trade-related rules: The WTO is responsible for implementing and monitoring international trade agreements. It ensures that these agreements are being followed and that member countries are complying with the rules.
So, all of the options listed are indeed functions of the WTO.
Similar Questions
Following is the function(s) of World Trade Organization (WTO)Select one:a.Specialized Help for Exportb.Global Economic Policy Makingc.Helping Developing and Transition Economiesd.All of the above
Which of these is the main function of the WTO?Select one:a.Acquisitionb.Strategic Alliancec.Joint Ventured.Exporting
Which of the following is true of the World Trade Organization (WTO)?Group of answer choicesIts functions are governed by the Rome Statute.Its dispute settlement process is governed by an agreement known as the General Agreement on Tariffs and Trade.It is responsible for implementing and enforcing the rules of international trade between nations.It is the trade-dispute settlement body of the United Nations.
What is the underlying characteristic of the WTO?Group of answer choicesIt resolves disputes between economic trade blocksIt acts as an umbrella institution that regulates the agreements concluded at the Uruguay round, the organisation’s ultimate goal being the promotion of free international tradeIt facilitates economic co-operation between different countriesIt facilitates the development of less developed countriesNext
The World Trade Organization (WTO) bundle of agreements includes the followingGroup of answer choicesGeneral Agreement on Trade in ServicesAgreement on Trade-Related Aspects of Intellectual Property RightsGeneral Agreement on Tariffs and Trade 1994All options are correct.
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