Consider the following statements relating to the World Trade Organization (WTO): 1. The WTO deals with the global rules of trade between nations. 2. The goal of the WTO is to help producers of goods and services, exporters, and importers conduct their bu

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Q: 51 (CDS-II/2014)
Consider the following statements relating to the World Trade Organization (WTO):
1. The WTO deals with the global rules of trade between nations.
2. The goal of the WTO is to help producers of goods and services, exporters, and importers conduct their business,
3. The WTO, which is a successor body of the General Agreement on Tariffs and Trade, came into being following the Uruguay Round of Negotiations.
4. The WTO distances itself in framing of rules on trade in. intellectual property rights.
Which of the statements given above are correct ?

question_subject: 

General Knowledge

question_exam: 

CDS-II

stats: 

0,124,59,124,10,19,30

keywords: 

{'wto': [0, 1, 1, 1], 'world trade organization': [0, 1, 1, 5], 'intellectual property rights': [0, 0, 0, 1], 'general agreement': [0, 0, 1, 2], 'tariffs': [0, 0, 1, 4], 'global rules': [0, 0, 0, 1], 'nations': [1, 0, 1, 2], 'negotiations': [0, 0, 1, 3], 'goods': [0, 1, 5, 27], 'rules': [1, 0, 1, 6], 'exporters': [0, 0, 0, 2], 'uruguay round': [0, 0, 2, 0]}

The correct answer is option 1, which states that statements 1, 2, and 3 are correct.

Statement 1 is correct as the WTO is an international organization that deals with the global rules of trade between nations. It provides a framework for negotiations and the implementation of trade agreements.

Statement 2 is also correct as the goal of the WTO is to facilitate international trade and help producers of goods and services, exporters, and importers conduct their business. It promotes free trade and aims to reduce barriers to trade.

Statement 3 is correct as the WTO was established as a successor to the General Agreement on Tariffs and Trade (GATT) after the Uruguay Round of Negotiations. The GATT was a multilateral agreement governing international trade from 1948 to 1995.

Statement 4 is incorrect as the WTO does play a role in framing rules on trade in intellectual property rights. The WTO`s Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) sets minimum standards for the protection and enforcement of intellectual property rights.

Therefore, the correct answer is option 1.

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