Question

Identify the correct statements about WTO (World Trade Organisation).
It is the only international organisation dealing with the global rules of trade between nations.
It sets the rules for the global trading system and resolves disputes between its member nations.
It helps the poor countries in promoting their trade activities and gives priority to environmental issues.
It also covers trade in services, such as telecommunication and banking, and other issues such as intellectual rights.
Choose the correct answer from the options given below:

• A. (A), (B) and (C) only
• B. (B), (C) and (D) only
• C. (A), (C) and (D) only
• D. (A), (B) and (D) only

Answer 1

The Correct Option is D

The World Trade Organization (WTO) plays a critical role in international trade. Here's an analysis of the given statements: 

• (A) It is the only international organisation dealing with the global rules of trade between nations: This statement is true. The WTO is the sole international body responsible for regulating international trade rules.
• (B) It sets the rules for the global trading system and resolves disputes between its member nations: This statement is true. One of the WTO's main functions is to provide a forum for negotiating trade agreements and resolving disputes.
• (C) It helps the poor countries in promoting their trade activities and gives priority to environmental issues: This statement is partially misleading. While the WTO has initiatives to assist developing nations, it does not explicitly prioritize environmental issues over other trade matters.
• (D) It also covers trade in services, such as telecommunication and banking, and other issues such as intellectual rights: This statement is true. The WTO's agreements cover trade in services and intellectual property rights, including areas like telecommunications and banking.

Given this analysis, the correct statements are (A), (B), and (D). Therefore, the correct answer is: (A), (B), and (D) only

Answer 2

The World Trade Organization (WTO) is an international organization that regulates global trade. Its main functions include:

• Setting Rules: The WTO establishes the legal framework for international trade, creating binding agreements that member countries must follow. These rules govern tariffs, trade in goods and services, intellectual property rights, and agricultural subsidies.
• Dispute Resolution: One of the key roles of the WTO is resolving trade disputes between member countries. When a member feels another country is violating trade agreements, it can bring the issue to the WTO for arbitration and resolution.
• Trade in Services: The WTO covers not just trade in physical goods, but also services, such as finance, telecommunications, and tourism. It helps to regulate and promote free trade in services, ensuring that services are accessible across borders.

While the WTO plays a critical role in shaping global trade, environmental issues are not its primary focus. While trade can have environmental impacts, the WTO's core mandate is economic trade and commerce. Environmental concerns are typically addressed by separate international organizations such as the United Nations Environment Programme (UNEP) or the Paris Agreement on climate change.