Question

The headquarters of WTO is at __________.
A. Geneva
B. Paris
C. Rome
D. New Delhi

Answer 1

Hint:WTO also is known as the World trade organization. It was formed in 1995 and is an intergovernmental organization that is concerned with the regulation of international trade between nations. It replaced the General Agreement on Tariffs and Trade and was signed by 123 nations.

Complete Answer:The WTO is an international trade organization that was formed in January 1995 having its headquarters in Geneva, Switzerland. Its purpose is to reduce tariffs and other barriers in trade. It was formed by the Marrakesh Agreement and was signed by 123 nations. Now it consists of 164 member states. It provides a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, that are signed by representatives of member governments.
The highest decision-making body of the WTO is the Ministerial Conference which usually meets every two years and brings together all members of the WTO that takes decisions on all matters under any of the multilateral trade agreements.
The WTO establishes a framework for trade policies and has formed five Principles of the trading system:
- Non-discrimination: It has two components: The most favored nation rule and the national treatment policy.
- Reciprocity: It limits the desire for free-riding that may arise because of the most favored nation rule.
- Binding and enforceable commitments
- Transparency: The members have to publish their trade regulations.
- Safety values: The agreements permit measures to protect the environment, public health, animal health, and plant health.
France (Paris), Italy (Rome), and India (New Delhi) have been members of the World Trade Organization since its commencement in 1995.

Note:The World Trade Organization replaced the General Agreement on Tariffs and Trade (GATT) which was started in 1948. The world trade organization is not a part of the United Nations but has maintained close relationships with it.