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Read the following text carefully and answer the given questions on the basis of the same and common understanding:
India urged the World Trade Organisation (WTO) to relax rules to allow the country to export food grains from its public stocks to the nations facing food crises. India can help, reduce food insecurity but there is hesitation on the part of the WTO, in relaxing its rules. India's Finance Minister said food, fuel and fertilizers are global public goods and ensuring access of these for developing and emerging economies is critical. She also shared India's experiences, including robust gains in agriculture production, citizen centric, food security programmes and innovative delivery mechanisms such as the 'One Nation one Ration Card' Scheme.
(Source : The Economic Times; July 16, 2022)
India urged the World Trade Organisation (WTO) to relax rules to allow the country to export food grains from its public stocks to the nations facing food crises. India can help, reduce food insecurity but there is hesitation on the part of the WTO, in relaxing its rules. India's Finance Minister said food, fuel and fertilizers are global public goods and ensuring access of these for developing and emerging economies is critical. She also shared India's experiences, including robust gains in agriculture production, citizen centric, food security programmes and innovative delivery mechanisms such as the 'One Nation one Ration Card' Scheme.
(Source : The Economic Times; July 16, 2022)
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Question : 48
Total: 49
State and discuss any two objectives of World Trade Organisation.
Solution:
Objectives of WTO:
(i) Promotes Free Trade: WTO helps to promote trade among member countries by eliminating tariff and non-tariff barriers. It promotes competition and free access to global markets. It also facilitates bilateral and multilateral trade agreements.
(ii) Ensures optimum utilisation of world resources: Free trade, competition and free access to global markets, the size of market has expanded from local and national level to international level. It has ensured optimum utilisation of world resources through trade of goods and services across different parts of the world.
(i) Promotes Free Trade: WTO helps to promote trade among member countries by eliminating tariff and non-tariff barriers. It promotes competition and free access to global markets. It also facilitates bilateral and multilateral trade agreements.
(ii) Ensures optimum utilisation of world resources: Free trade, competition and free access to global markets, the size of market has expanded from local and national level to international level. It has ensured optimum utilisation of world resources through trade of goods and services across different parts of the world.
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