World Trade Organization

The World Trade Organization (WTO) is the sole international body overseeing global trade. It facilitates smooth and free trade between nations, allowing countries to profit from exports and benefit from imports. Founded in 1995, the WTO has 159 member countries as of 2013. Its core principles include non-discrimination, freer trade, and fair competition. The WTO organizes trade negotiations, aids economic development, and resolves trade disputes. It aims to improve member nations' welfare by promoting smooth trade without negative impacts.

What is the primary role of the World Trade Organization?

• To oversee international trade between nations

• To regulate domestic trade within countries

• To provide loans to developing countries

• To manage global financial markets

Which country was a founding member of the WTO?

• India

• China

• United States

• Brazil

What does 'trade without discrimination' mean in the context of the WTO?

• Some countries receive special trade deals

• Trade is restricted to certain regions

• All member nations are treated equally

• Only developed countries benefit from trade

Which of the following is NOT a restriction on trade mentioned in the WTO principles?

• Tariffs

• Duties

• Quotas

• Subsidies

What is one of the functions of the WTO's general council?

• To enforce military agreements

• To create new trade products

• To include representatives from all member nations

• To provide financial aid to member countries