Q: The terms ‘Agreement on Agriculture’, ‘Agreement on the Application of Sanitary and Phytosanitary Measures’ and ‘Peace Clause’ appear in the news frequently in the context of the affairs of the
a) Food and Agriculture Organization
b) United Nations Framework Conference on Climate Change
c) World Trade Organization
d) United Nations Environment Programme
The correct answer is Option 3.
World Trade Organisation (WTO)
- The terms ‘Agreement on Agriculture’, ‘Agreement on the Application of Sanitary and Phytosanitary Measures’ and ‘Peace Clause’ appear in the news frequently in the context of the affairs of the World Trade Organisation. Hence, Option 3 is correct.
- It is the only global international organization dealing with the rules of trade between nations.
- It was established by Uruguay Round negotiations (1986-94) with a membership of 164 members representing 98 per cent of world trade.
- WTO was established on 1 January 1995 with its headquarters in Geneva, Switzerland.
- Its agreements are often called the Final Act of the Uruguay Round of Multilateral Trade Negotiations, signed in Marrakesh, Morocco on 15 April 1994.
- It superseded the GATT as the umbrella organization for international trade.
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