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Liberalisation, Privatisation And Globalisation — Economics STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEconomicsLiberalisation, Privatisation And Globalisation3 Marks
Question
Write a short note on WTO.
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Answer

In 1948, GATT (General Agreement on Trade and Tariff) was formed with 23 countries as the founder members to administer all multilateral trade agreements. WTO was formed as successor of GATT on 1 January, 1995. It aimed to establish a rule based trading regime which nations cannot place arbitrary restrictions on trade. India was a founder member. It has been in forefront in WTO. It has kept its commitment towards liberalisation of trade made in the WTO by removing quantitative restrictions on imports and reducing tariff rates.

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