While the WTO aims to promote trade, the specific mandate of 'facilitating the expansion and balanced growth of international trade' is historically associated with the objectives of the IMF or general economic development goals. The WTO's core functions are focused on administering trade agreements, acting as a forum for negotiations, settling disputes, and reviewing national trade policies.
72
In which year was the United Nations Conference on Trade and Development (UNCTAD) officially established?
UNCTAD was established in 1964 as a permanent intergovernmental body. It serves as the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues. Its primary goal is to maximize the trade, investment, and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis.
73
Under TRIPS Agreement, patent is granted subject to which of the following?(1) The product or the process is new one.(2) It contains an inventive step.(3) It is capable of industrial application for 15 years from the grant of the patent.(4) It is capable of industrial application for 20 years from the grant of the patent.
Source answer preserved: option C (Only (1), (2) and (4)). AI attempted to change protected answer data (option_a, option_b, option_c, option_d), so this item is flagged for manual review before study use.
74
Which international organization is primarily recognized as a negotiating, committing, and controlling body for global trade?
The General Agreement on Tariffs and Trade (GATT) was established to regulate international trade by reducing tariffs and other trade barriers. It functioned as a multilateral framework for negotiating trade agreements and enforcing commitments among member nations before being succeeded by the World Trade Organization (WTO).
75
Under the WTO mandate, which of the following items are recognized as intellectual property eligible for legal protection?
The WTO's TRIPs agreement covers various forms of intellectual property, including computer software, music, performing arts (copyrights), geographical indications, and industrial designs, books, and brands (trademarks/patents). Global Positioning Systems (GPS) are generally considered technological systems or inventions rather than a specific category of intellectual property under the standard TRIPs classification.
76
Which of the following activities does not fall under the mandate or functions of the World Trade Organization (WTO)?
The WTO is an intergovernmental organization that regulates international trade. Its functions include facilitating trade agreements and resolving trade disputes. It is not tasked with creating disputes between other international financial institutions like the IMF or IBRD; rather, it seeks to cooperate with them.
77
In which year did the World Bank officially commence its operations?
While the Bretton Woods Conference took place in 1944 to establish the framework for international financial institutions, the World Bank (International Bank for Reconstruction and Development) officially began its lending operations in June 1946.
78
Evaluate the following: Assertion (A) states the WTO aims to establish free trade, while Reason (R) suggests that regional trading blocs like the EU may inadvertently foster protectionism.
The WTO's primary objective is to facilitate global free trade by reducing barriers. However, the formation of regional trading blocs can create 'trade diversion,' where members favor each other over non-members, potentially leading to protectionist tendencies against external nations. This tension between global integration and regional exclusivity is a central theme in modern international trade policy discussions.
79
Which of the following statements regarding the World Trade Organization (WTO) is considered incorrect?
The WTO is widely recognized as a global institution dedicated to promoting free trade by reducing trade barriers and establishing rules for international commerce. Therefore, describing it as not being a 'free trade' institution is factually incorrect within the context of its mandate. The other statements correctly identify its origin from the Uruguay Round and its official establishment date in 1995.
80
Which of the following organizations is not considered part of the World Bank Group?
The World Bank Group consists of five institutions: the IBRD (International Bank for Reconstruction and Development), IDA (International Development Association), IFC (International Finance Corporation), MIGA (Multilateral Investment Guarantee Agency), and ICSID (International Centre for Settlement of Investment Disputes). The WTO (World Trade Organization) is a separate international body that deals with the global rules of trade between nations.
