World Trade Organisation (WTO) MCQ Quiz in मल्याळम - Objective Question with Answer for World Trade Organisation (WTO) - സൗജന്യ PDF ഡൗൺലോഡ് ചെയ്യുക

The correct answer is 164.

Key Points

• The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade between nations.
• It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948.
• The WTO is the world's largest international economic organization, with 164 member states representing over 98% of global trade and global GDP. 

Additional Information

• The headquarters of WTO is in Geneva, Switzerland.
• The Director-General of WTO is Ngozi Okonjo-Iweala.
• The main objective of WTO is - Reduction of tariffs and other barriers to trade.
• The official languages of WTO are English, French, Spanish.

The correct answer is (a) is false but (r) is correct.

Key Points Analyzing the Assertion and Reasoning
Assertion (a) states that the Amended Patent Act, compliant with WTO, provides for the grant of product and process patents for a period of 10 years from the date of application.

Reasoning (r) states that the Act allows patents for inventions, defined as new products or processes with inventive steps and capable of industrial application, representing technical advancements.

Let's analyze them individually and in relation to each other:

Assertion (a):

False: The Amended Patent Act does provide for the grant of product and process patents, but the term is 20 years from the date of filing the application, not 10 years. This requirement is aligned with the WTO's TRIPS Agreement.
Source: Article 27.1 of the TRIPS Agreement mandates providing patents for any inventions, whether products or processes, for a minimum term of 20 years.
Reasoning (r):

True: The definition of "invention" in the Act aligns with the reasoning. It requires novelty, inventiveness, and industrial applicability, ensuring that patents are granted only for genuinely new and useful advancements.
Source: The relevant provisions of the Patent Act defining "invention" and the criteria for patentability.
Relation between (a) and (r):

Reasoning (r) logically supports assertion (a). The definition of "invention" ensures that only genuine advancements are granted patents, fulfilling the purpose of the Act.
Therefore:

Assertion (a) is false due to the incorrect term of 10 years.
Reasoning (r) is true and supports assertion (a) by defining the criteria for patentability.
 

The correct answer is World Trade Organization (WTO).

Key Points

• The World Trade Organization (WTO) is an international organization that regulates international trade.
• It was established on 1 January 1995 and is headquartered in Geneva, Switzerland.
• The WTO's main goal is to ensure that trade flows as smoothly, predictably, and freely as possible.
• It provides a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements.
• The organization has 164 member countries as of 2021, representing over 98% of global trade.
• It deals with regulation of trade in goods, services, and intellectual property between participating countries.

Additional Information

• World Bank
  • It is an international financial institution that provides loans and grants to the governments of low and middle-income countries for the purpose of pursuing capital projects.
  • It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
  • Its goal is to reduce poverty by providing loans to developing countries for development programs (e.g., bridges, roads, schools, etc.) that are expected to improve the economic prospects and quality of life for people in those countries.
• Reserve Bank of India (RBI)
  • It is India's central banking institution, which controls the issuance and supply of the Indian rupee.
  • It plays an important part in the development strategy of the government of India.
  • It is responsible for the regulation of the financial system, including the monetary policy of the Indian rupee.

GATT covered intellectual property issues in the Uruguay round.

• The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international legal agreement between all the member nations of the World Trade Organization (WTO).
• It establishes minimum standards for the regulation by national governments of different forms of intellectual property (IP) as applied to nationals of other WTO member nations.
• TRIPS was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) between 1989 and 1990 and is administered by the WTO.
• The TRIPS agreement introduced intellectual property law into the multilateral trading system for the first time and remains the most comprehensive multilateral agreement on intellectual property to date.

1. The Geneva Round was the fourth session of the General Agreement on Tariffs and Trade multilateral trade negotiations in Geneva, Switzerland. It started in 1955 and lasted until May 1956. Twenty-six countries took part in the round.

2. The Tokyo Round was a multi-year multilateral trade negotiation between 102 nation-states that were parties to the GATT. The negotiations resulted in reduced tariffs and established new regulations aimed at controlling the proliferation of non-tariff barriers and voluntary export restrictions.

3. The Kennedy Round was the sixth session of the General Agreement on Tariffs and Trade multilateral trade negotiations held between 1964 and 1967 in Geneva, Switzerland. The main objectives of the Kennedy Round were to Slash tariffs by half with a minimum of exceptions, Break down farm trade restrictions, Remove non-tariff barriers, help developing countries

The correct answer is Turkmenistan 

• Turkmenistan has become the 25th country with Observer Status in the World Trade Organization.
• This status would enable Turkmenistan to establish permanent residence at WTO headquarter in Geneva, Switzerland, and monitor the proceedings.
• Turkmenistan also became the last former Soviet republic to establish formal ties with WTO.
• The observer status was granted during the 5th virtual session of WTO General Council and it was attended by representatives of its member-states.
• India among other nations supported Turkmenistan as an observer of WTO.
• Turkmenistan filed a request for observer status in May, 2020 and expressed willingness to initiate talks on accession to the WTO within five years.

Additional Information

• Other neighbouring Central Asian countries-Kazakhstan, Kyrgyz Republic, Tajikistan and Afghanistan acceded to the WTO, while Uzbekistan has been in on-and-off negotiations on WTO accession since 1994.
• World Trade Organization Director-General-Roberto Azevedo (Retiring on August 31, 2020)
• Members-164 countries and 25 Observer nations
• WTO HQ-Geneva, Switzerland

The correct answer is to Eradicate the economic difficulties brought in by the World War II

Key PointsBretton Woods Agreement: 

• The Bretton Woods Agreement was prompted by the need to establish a stable and predictable international monetary system in the aftermath of World War II. The agreement was negotiated at a conference held at Bretton Woods, New Hampshire, in 1944, attended by representatives of the allied nations.
• The primary goal of the conference was to address the issues of global economic stability and the reconstruction of the world's economies after the devastation caused by the war.
• The Bretton Woods Agreement created the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which later became the World Bank. The agreement established a system of fixed exchange rates, with the US dollar serving as the world's reserve currency.
• Under the system, all other currencies were pegged to the US dollar at a fixed rate, and the US government promised to convert dollars to gold at a fixed rate of $35 per ounce.
• The Bretton Woods Agreement aimed to promote international economic cooperation, facilitate trade, and prevent competitive currency devaluations, which were seen as contributing to the economic instability that led to the Great Depression.

The correct answer is ​A - B - C - D - E.

Key Points

A. The parties involved attempt to resolve the dispute through consultations: This is the first step where parties try to resolve their dispute through bilateral negotiations.

B. A panel is set up to review the dispute: If consultations fail, the matter can be referred to a panel which reviews the case. The panel consists of trade experts who conduct a detailed examination.

C. If not resolved, the dispute can be appealed in the Appellate Body: Decisions of the panel can be appealed and are then referred to the WTO's Appellate Body.

D. The Dispute Settlement Body (DSB) adopts the panel and/or Appellate Body report: Once the panel or the appellate body has made a decision, the report is given to the DSB which can approve the report and the decision becomes official WTO ruling.

E. If the guilty party does not comply, sanctions may be imposed: The guilty party is then given a specific period of time to comply with the ruling. If it fails to do so, sanctions, often in the form of trade sanctions, can be imposed. 

Hence, the correct answer is ​A - B - C - D - E.

The correct answer is Ngozi Okonjo-Iweala.

• Ngozi Okonjo-Iweala has become the first woman and first African Director-General of the World Trade Organization (WTO).
• Her term will start on 1 March 2021.
• She is a development economist and formerly worked as a Finance Minister of Nigeria.
• She will replace former Director-General, Roberto Azevêdo.

The correct answer is E, C, D, B, A.

Key Points The correct sequence of the different settlement stages of the WTO dispute settlement system is as follows:

E. Consultations
Consultations are the first stage of the WTO dispute settlement process. It involves the parties involved in a dispute attempting to resolve the matter through negotiations and discussions.

C. Panel Review
If consultations fail to resolve the dispute, the complaining party can request the establishment of a panel. The panel conducts a review of the dispute, examines the evidence and arguments presented by both parties, and issues a report with its findings and recommendations.

D. Appellate
Either party can appeal the panel's decision to the WTO Appellate Body if they believe there are errors in the panel's legal interpretation or application. The Appellate Body reviews the appeal and issues its own report, which is binding on the parties.

B. Implementation
After the panel or Appellate Body report is adopted by the WTO Dispute Settlement Body, the losing party is required to bring its measures into compliance with the WTO agreements. This stage is known as implementation, where the party must take appropriate actions to resolve the dispute and bring its measures in line with WTO rules.

A. Retaliation
If the losing party fails to implement the recommendations and rulings within a reasonable time, the prevailing party can request authorization from the WTO to impose retaliatory measures. Retaliation is the last stage of the dispute settlement system and involves imposing trade sanctions or other measures on the non-compliant party.

Hence, the correct answer is E, C, D, B, A

The correct answer is Piyush Goyal.

Key Points

• The G20 summit, which concluded on 31 October 2021, has adopted Rome Declaration.
• The member countries have agreed on mutual recognition of vaccines, strengthening of WHO to give faster approvals to vaccines, and suspending debt servicing for developing countries till December 2021.
• Union Minister Piyush Goyal was India's G20 Sherpa.

Additional Information 

• G20:
  • The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union.
  • It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.
  • The members of the G20 are:
    • Argentina.
    • Australia.
    • Brazil.
    • Canada.
    • China.
    • France.
    • Germany.
    • India.
    • Indonesia.
    • Italy.
    • Japan.
    • Republic of Korea.
    • Mexico.
    • Russia.
    • Saudi Arabia.
    • South Africa.
    • Turkey.
    • United Kingdom.
    • United States.
    • European Union.