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Which of the given statements are true? Statements: I. World Trade Organisation (WTO) commenced its operations on 1 April 1998. II. WTO commenced its operations under the Marrakesh Agreement, signed by 123 countries. III. As of 2016, the WTO has 164 members.

Which of the given statements are true? Statements: I. World Trade Organisation (WTO) commenced its operations on 1 April 1998. II. WTO commenced its operations under the Marrakesh Agreement, signed by 123 countries. III. As of 2016, the WTO has 164 members. Correct Answer II and III

The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade between nations. WTO commenced its operations under the Marrakesh Agreement, signed by 123 countries. As of 2016, the WTO has 164 members.

Key Points

  • World Trade Organisation (WTO) commenced its operations on 1 January 1995.
  • But its trading system is half a century older.
  • Since 1948, the General Agreement on Tariffs and Trade (GATT) had given the rules for the system.
  • The second WTO ministerial meeting, held in Geneva in May 1998, included a celebration of the 50th anniversary of the system.
  • WTO commenced its operations under the Marrakesh Agreement, signed by 123 countries.
  • As of 2016, the WTO has 164 members.

Additional Information

  • The World Trade Organization (WTO) deals with the global rules of trade between nations.
  • Its main function is to ensure that global trade flows as smoothly, predictably, and freely as possible.
  • The headquarters of WTO is in Geneva, Switzerland.
  • The WTO facilitates trade in goods, services, and intellectual property among participating countries by providing a framework for negotiating trade agreements, which usually aim to reduce or eliminate tariffs, quotas, and other restrictions.

hence the correct answer from the above statements is, that WTO commenced its operations under the Marrakesh Agreement, signed by 123 countries. and As of 2016, the WTO has 164 members.

Related Questions

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1. WTO initiates peace process among the member countries to enhance international trade.
2. WTO avoids the task of 'Settlement of Disputes' among the member countries.
3. WTO administers the 'Trade Review Mechanism'.
4. WTO cooperates in an appropriate manner with the IMF and the World Bank.
Which combination of the following is correct with regard to World Trade Organization (WTO) :
1. WTO initiates peace process among the member countries to enhance international trade.
2. WTO avoids the task of "Settlement of Disputes" among the member countries.
3. WTO administers the "Trade Review Mechanism".
4. WTO cooperates in an appropriate manner with the IMF and the World Bank.
Consider the following statements regarding World Trade Organization (WTO). 1. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. 2. WTO can cut the cost of doing business internationally. 3. All the African countries are the members of WTO. Which of the above statements is/are correct?
World Trade Organization (WTO) is an intergovernmental organization that regulates international trade, was officially commenced on . . . . . . . . under the Marrakesh Agreement.
The following sentences form a paragraph. The first and the last sentences of the paragraph are given. The rest of the sentences are numbered as P, Q, R and S. These four parts are not given in their proper order. Read the sentences and choose the alternative that arranges them in the correct order. 1. The concept of Globalisation by integrating nation states within the theme work of World Trade Organisation (WTO) is an alternative version of the Theory of Comparative Cost Advantage propagated by the classical economists for assuming unrestricted flow of goods between the countries for mutual benefit, especially from Great Britain to other less developed countries or to their colonies. P. However, the advocates of globalisation, especially from the developed countries purposely limit the definition of globalisation to only three components, i.e., unrestricted trade flows, capital flows and technology flows. Q. They do not want to include the free flow labour within the parameter of globalisation set by them. R. In this way, the imperialist nations gained much at the cost of the colonial countries who had to suffer from the scar of stagnation and poverty. S. The World Commission on the Social Dimension of Globalisation (WCSDG) set up by ILO has also made some important observations on globalisation. 6. In the meantime, various countries of the world have adopted the policy of globalisation.