Correct option is A
It was formed to liberalize the world trade from high custom tariffs: This statement is
incorrect because the WTO was established not only to reduce custom tariffs but also to create a global framework for regulating international trade, covering a wide range of trade-related issues such as services, intellectual property, and dispute settlement.
It is narrowing the gulf between rich and poor countries: This statement is
incorrect because the WTO has been criticized for failing to adequately address the economic disparities between developed and developing countries. Many argue that its agreements often favor wealthier nations and that the gap between rich and poor countries has persisted or widened under its framework.
Information Booster:
· The WTO was formed in 1995, succeeding the General Agreement on Tariffs and Trade (GATT), to promote free trade and resolve disputes among member countries.
· India played an important role in the formation of the WTO and is considered one of its founding members.
· The organization has been criticized for not doing enough to bridge the economic gap between developed and developing countries, despite its stated goals.
Additional Knowledge:
It is the only organization at the international level that deals with global rules of trade between nations: This statement is correct. The WTO is the primary organization that regulates international trade rules.
India is one of its founder members: This statement is correct. India was a founding member of the WTO when it was established in 1995, having previously been part of the GATT system since its inception in 1947.
English
10 Questions
20 Marks
12 Mins
