Which of the following statements is not true ?

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Q: 95 (CDS-I/2015)

Which of the following statements is not true ?

question_subject: 

Economics

question_exam: 

CDS-I

stats: 

0,45,74,41,10,23,45

keywords: 

{'global trade': [0, 0, 0, 1], 'world trade organisation': [0, 0, 2, 0], 'wto': [0, 1, 1, 1], 'preferential trading agreements': [0, 0, 0, 1], 'tariffs': [0, 0, 1, 4], 'least developed countries': [0, 0, 0, 1], 'general agreement': [0, 0, 1, 2], 'gatt': [0, 0, 4, 1], 'agreements': [0, 0, 1, 5], 'nation principle': [0, 0, 0, 1], 'textile sectors': [0, 0, 0, 1], 'other countries': [2, 1, 1, 4], 'agriculture': [5, 1, 0, 6]}

Option 1 is true. The General Agreement on Tariffs and Trade (GATT) was indeed an international agreement that regulated global trade from 1947 until it was replaced by the World Trade Organisation (WTO) in 1995.

Option 2 is true. GATT was indeed replaced by the WTO in 1995. The creation of the WTO was a result of the Uruguay Round of negotiations, which concluded in 1994 and led to the establishment of the WTO the following year.

Option 3 is true. The Most Favoured Nation (MFN) principle under GATT stated that any trading advantages, such as reduced tariffs, granted to one country must be extended to other countries. This principle aimed to promote non-discriminatory trade policies and prevent preferential treatment for specific countries.

Option 4 is the correct answer. The statement is not true. The WTO has not been able to cover the agriculture and textile sectors adequately in its agreements, which are important concerns for the Least Developed Countries (LDCs). These sectors continue to be subject to various challenges and negotiations within the WTO framework.

Therefore, option 4 is the correct answer as it presents a statement that is not true.