Question

What is the underlying characteristic of the WTO?
A. It facilitates economic co-operation between two different countries.
B. It facilitates the development of two less developed countries
C. It acts as an umbrella institution that regulates the agreements concluded at the Uruguay round,the organisation’s ultimate goal being the promotion of free international trade.
D.It resolves disputes between economic trade blocs

Answer 1

Hint: The intergovernmental organisation that deals with the rules of trading between nations is known as the World Trade Organisation(WTO). The goal of the WTO is to help the producer,goods and services , exporters to carry on their businesses.

Complete answer: From 1st January 1995, the WTO started to function. The underlying characteristic of the WTO is it acts as an umbrella institution that regulates the agreements concluded at the Uruguay round, the organisation’s ultimate goal being the promotion of free international trade. The Uruguay Round was the 8th round undertaken in ministerial Geneva with the GATT(General Agreements on Tariff and Trade) members.It had 123 countries who were acting as the contracting parties. The WHO undertakes and acts as the protective shield of agreements on the international trade which took place in Uruguay. This was the last round of the GATT.

Thus, Option C is the correct answer.

Note: The WHO plays a major role in protecting and implementation of those agreements. The basic agreements of the WHO are similar to those of GATT. These objectives consist of improving and raising standards of living and income, expansion of trade,providing employment and others. WHO encourages the efficient uses of resources and sustainable development.