Elevate your UPSC Prelims preparation with focused topic-wise questions on the Indian Economy, specifically exploring International Organizations and Trade. This specialized resource offers a strategic approach to mastering key concepts and dynamics governing global economic interactions. Delve into a curated selection of questions meticulously designed to deepen your understanding of international trade agreements, economic blocs, and the role of prominent organizations like WTO, IMF, and World Bank. With clear explanations and comprehensive coverage, this resource empowers aspirants to navigate the complexities of international economics confidently. Whether you’re revisiting foundational principles or analyzing contemporary issues, these questions provide invaluable practice and insights to excel in the Prelims exam. Strengthen your grasp on Indian Economy – International Organization and Trade, and embark on your UPSC journey with enhanced readiness and proficiency.
Q1. Which one of the following sets of commodities are exported to India by arid and semi-arid countries in the Middle East? (1996)
(a) Raw wool and carpets
(b) Fruits and palm oil
(c) Precious stones and pearls
(d) Perfume and Coffee
Ans. (b)
Fruits and palm oil are exported to India by arid and semi-arid countries in the Middle East. Afghanistan, for instance, is a significant supplier of dry fruits such as apricots, figs, pistachio nuts, walnuts, pine nuts, raisins, including the exotic black variety.
On the other hand, India relies heavily on the Middle East for its crude oil imports, primarily from Iraq and Saudi Arabia. According to data from the Ministry of Commerce and Industry, the value of crude oil and petroleum product imports in April 2022 reached an all-time high of $20.18 billion.
Q2. They are fantastically diverse. They speak hundreds of languages and dialects. They comprise scores of ethnic groups. They include highly industrialised economies and up-and-coming economies. They span half the surface of the Earth and are home to two-fifths of the world’s population’. (1996)
The group of countries referred to here belongs to
(a) SAPTA
(b) АРЕС
(c) EC
(d) CIS
Ans. (b)
The group of countries mentioned in the question belongs to the Asia-Pacific Economic Cooperation (APEC), established in 1989, with its Secretariat based in Singapore. Currently, APEC comprises 21 Pacific Rim countries. APEC’s primary objective is to foster free trade across the Asia-Pacific region.
Its membership includes developed economies like the USA, Japan, Canada, and Australia, alongside emerging economies such as China, Indonesia, Thailand, and Mexico. Given that APEC encompasses members from East Asia, Southeast Asia, Oceania, North America, and South America, it represents diverse languages and ethnic groups.
APEC collectively accounts for around 40% of the world’s population and approximately 60% of the global GDP.
Q3. Which of the following were the aims behind the setting up of the World Trade Organisation (WTO)? (1996)
1. Promotion of free trade and resource flow across countries
2. Protection of intellectual property rights
3. Managing balanced trade between different countries
4. Promotion of trade between the former East Bloc countries and the Western World
Select the correct answer using the codes given below.
(a) 1, 2, 3 and 4
(b) 1 and 2
(c) 2 and 3
(d) 1 and 4
Ans. (a)
All the statements (1), (2), (3), and (4) are indeed correct. The objectives behind the establishment of the World Trade Organization (WTO) are:
- Promotion of free trade and the flow of resources across countries.
- Protection of intellectual property rights.
- Management of balanced trade between different countries.
- Promotion of trade between former East Bloc countries and the Western world.
Additionally, ensuring the optimal utilization of world resources is a key aim.
The Uruguay Round agreement, signed by members of the General Agreement on Tariffs and Trade (GATT) in 1994, paved the way for the establishment of the WTO, which officially came into being on January 1, 1995. India has been a member of the WTO since its inception and a member of GATT since July 8, 1948.
Q4. The table given below depicts the composition of India’s exports between 1992-93 & 1994-95. (1996)
| Items | 1992-93 | 1993-94 | 1994-95 |
| Agriculture & Allied products | 16.9 | 18.0 | 15.9 |
| Ores & Minerals | 4.0 | 4.0 | 3.7 |
| Manufactured goods | 75.5 | 75.6 | 78.0 |
| Petroleum products | 2.6 | 1.8 | 1.9 |
The changing composition of the export trade is indicative of structural transformation of Indian economy in favour of modernisation.
The best indicator of this trend is the
(a) relative share of petroleum products in exports
(b) decline in the share of agricultural products in exports
(c) constant share of ores and minerals in exports
(d) increase in the share of manufactured products in experts
Ans. (d)
The increase in the share of manufactured products in exports is indeed a positive indicator of structural transformation in favor of modernization for the Indian economy.
Following the liberalization process in 1991-92, there was a steady rise in the share of manufacturing exports, reaching nearly 80% by 1999-2000. Among manufacturing sectors, engineering products emerged as the most dynamic, contributing significantly to total manufacturing exports.
Additionally, Gems and Jewellery emerged as another major contributor to India’s manufacturing export performance, followed by the textiles sector.
India’s major export markets include China, the USA, the UAE, Singapore, Saudi Arabia, South Africa, Germany, Sri Lanka, and the UK.
Q5. Assertion (A) An important policy instrument of economic liberalisation is reduction in import duties on capital goods. Reason (R) Reduction in import duties would help the local entrepreneurs to improve technology to face the global markets. (1996)
In the context of the above two statements, which one of the following is correct?
(a) Both A and R are true and R is the correct explanation of A.
(b) Both A and R are true but R is not a correct explanation of A.
(c) A is true but R is false.
(d) A is false but R is true.
Ans. (a)
Both statements A and R are indeed true, and statement R provides a correct explanation of statement A.
An essential policy tool of economic liberalization involves reducing import duties on capital goods. Economic or trade liberalization entails the removal or reduction of barriers, such as tariffs, to facilitate the free exchange of goods between nations. By reducing import duties on capital goods or producer goods, local entrepreneurs can enhance their technology to compete more effectively in global markets.
The reduction in import duties on capital goods results in lower costs for such goods, thereby aiding in improving the production capacity of the economy and achieving economies of scale. This process contributes to the overall modernization and competitiveness of the economy.
Q6. One of the important goals of the economic liberalisation policy is to achieve full convertibility of the Indian rupee. This is being advocated because (1996)
(a) convertibility of the rupee will stabilise its exchange value against major currencies of the world
(b) it will attract more foreign capital inflow in India
(c) it will help promote exports
(d) it will help India secure loans from the world financial markets on attractive terms
Ans. (b)
The advocacy for full convertibility is primarily aimed at attracting more foreign capital inflow into India. Convertibility refers to the freedom of currency holders to convert their currency into any other foreign currency.
Currently, India practices Current Account Convertibility, which mainly pertains to the free movement of goods and services in terms of exports and imports. Certain associated aspects like remittances are also permitted under this regime. On the other hand, Capital Account Convertibility involves the freedom for investment and borrowing abroad.
The Tarapore Committee recommended Full Account Convertibility, which includes both current and capital account convertibility. Presently, India has Full Current Account Convertibility with some exceptions, but Full Capital Account Convertibility has not been achieved yet.
Q7. The emerging trading blocs in the world, such as NAFTA, ASEAN and the like are expected to (1996)
(a) act as constrictions in free trade across the world
(b) promote free trade on the line laid down by the WTO
(c) permit transfer of technology between member countries
(d) promote trade in agricultural commodities between countries of the North and South
Ans. (b)
The North American Free Trade Agreement (NAFTA), the Association of Southeast Asian Nations (ASEAN), and other regional trading blocs worldwide play a crucial role in promoting free trade in alignment with the principles set forth by the World Trade Organization (WTO).
These trading organizations facilitate free trade by reducing or eliminating barriers to trade, such as tariffs and other restrictions, among the participating nations.
NAFTA, which includes Canada, Mexico, and the United States, was established in 1994. Similarly, ASEAN, formed in 1967 in Bangkok, aims to accelerate economic growth, social progress, and cultural development in the Southeast Asian region. Currently, ASEAN comprises ten member nations.
Q8. Match List I with List II and select the correct answer using the codes given below the lists. (1996)
| List I (Commodities exported from India) | List II (Countries of destination) |
| A. Iron Ore | 1. Russia |
| B. Leather goods | 2. USA |
| C. Tea | 3. Japan |
| D. Cotton fabrics | 4. UK |
| 5. Canada |
Codes
A B C D
(a) 5 1 2 3
(b) 3 1 4 2
(c) 1 5 4 3
(d) 3 4 1 2
Ans. (b)
The accurate pairing is A-3, B-1, C-4, D-2. Since 1963, India has consistently exported iron ore to Japanese steel mills. The primary entity responsible for this export to Japan is India’s state-owned NMDC. The designated port for iron ore export to Japan is Paradip, situated in Odisha.
Over time, India has witnessed a rise in its export of leather goods and accessories to Russia, amounting to USD 55 million in 2020-21. The United Kingdom predominantly sources its tea imports from India.
However, presently, Kenya stands as the largest tea supplier to the United Kingdom, covering 43.3% of all tea imports. In the fiscal year 2020-21, India exported tea to the UK valued at around 94.4 million British pounds. Conversely, the United States serves as the primary importer of cotton fabric from India, with apparel imports comprising the largest subgroup of US textile and apparel imports from India.
Q9. Assertion (A) The emergence of economic globalism does not imply the decline of socialist ideology. Reason (R) The ideology of socialism believes in Universalism and globalism. (1997)
In the context of the given two statements, which one of the following is correct?
(a) Both A and Rare true and R is the correct explanation of A.
(b) Both A and R are true but R is not the correct explanation of A.
(c) A is true but R is false.
(d) A is false but R is true.
Ans. (a)
Both A and R are true, and R provides a correct explanation of A. The emergence of economic globalism does not signify the decline of socialist ideology.
Socialist ideology encompasses various economic and social systems characterized by social ownership of the means of production, contrasting with private ownership. In a socialist society, there is an emphasis on equal opportunity, equality of status for all individuals, elimination of exploitation, improvement of conditions for marginalized groups, and pursuit of social justice.
The ideology of socialism stands in opposition to individualism and capitalism. It advocates for universalism and globalism. While socialism diverges significantly from capitalist theory, it shares a belief in the enhancement and development of economic status in a more equitable manner, rather than the concentration of wealth in the hands of a few.
Q10. Human Development Index (HDI) comprises literacy rates, life expectancy at birth and (1997)
(a) Gross Domestic Product per head in the US dollars
(b) Gross Domestic Product per head at real purchasing power
(c) Gross National Product in US dollars
(d) National Income per head in US dollars
Ans. (d)
The Human Development Index (HDI) is a composite measure that includes literacy rates, life expectancy at birth, and National Income per capita in US dollars. The United Nations Development Programme (UNDP) produces annual Human Development Reports containing this index. It was originally formulated by Pakistani economist Mahbub-ul-Haq in 1990.
The components of HDI are as follows:
- Health: This is assessed through life expectancy at birth.
- Education: This is evaluated based on (a) the average years of schooling for adults aged 25 years and above, and (b) the expected years of schooling for children entering school age.
- Standard of Living: This is gauged by Gross National Income per capita, which is converted to international dollars using Purchasing Power Parity (PPP) rates.
Q11. One of the important agreements reached in the 1996 Ministerial Conference of WTO refers to (1997)
(a) Commerce in Information Technology
(b) Multilateral Agreement on Investment
(c) Multi-fibre Agreement
(d) Exchange of technical personnel
Ans. (a)
The ‘Commerce in Information Technology’ was a significant agreement reached during the 1996 Ministerial Conference of the WTO in Singapore. Participating nations committed to the complete elimination of tariffs on IT products outlined in the Agreement.
Additionally, other crucial topics addressed during the conference included labor standards, investment, competition in international trade, and international trade of textiles.
During the Nairobi Ministerial Conference in December 2015, also referred to as the Nairobi Package of the WTO, more than 50 members finalized the expansion of the Agreement. This expansion included an additional 201 products valued at over $1.3 trillion annually.
Q12. Human Poverty Index was introduced in the Human Development Report of the year (1998)
(a) 1994
(b) 1995
(c) 1996
(d) 1997
Ans. (d)
The Human Poverty Index (HPI) was introduced in the Human Development Report of 1997. It was designed by the United Nations to provide an indication of the poverty level within a country’s community, serving as a complement to the Human Development Index (HDI). The HPI aimed to offer a more comprehensive reflection of deprivation in impoverished nations compared to the HDI.
However, in 2010, the HPI was replaced by the UN’s Global Multidimensional Poverty Index (MPI), which offers a broader and more nuanced assessment of poverty by considering multiple dimensions beyond income alone.
Q13. According to Meadows (1972), if the present trends in world population, industrialisation, pollution, food production and resource depletion continue unchanged, the ‘Limits to Growth’ on our planet will be reached in the next (1998)
(a) 50 years
(b) 100 years
(c) 150 year
(d) 200 years
Ans. (b)
Meadows (1972) suggested that within the next century, the planet would encounter the ‘Limits to Growth,’ as depicted through computer simulations. These simulations outlined the potential consequences of exponential economic and population growth juxtaposed with finite resource supplies in the 21st century. The research project was initiated by four MIT scientists, spearheaded by Donald Meadows.
In 1992, the second report titled ‘Beyond Limits’ was published, offering new evidence indicating that humanity had indeed surpassed these limits.
Q14. Which one of the following is the correct sequence of decreasing order of the given currencies in terms of their value in Indian Rupees? (1998)
(a) US Dollar, Canadian Dollar, New Zealand Dollar, Hong Kong Dollar
(b) US dollar, New Zealand Dollar, Canadian Dollar, Hong Kong Dollar
(c) US Dollar, Hong Kong Dollar, New Zealand Dollar, Canadian Dollar
(d) US Dollar, Hong Kong Dollar, Canadian Dollar, New Zealand Dollar
Ans. (a)
The descending order of the given currencies based on their value in Indian Rupees is as follows: US Dollar, Canadian Dollar, New Zealand Dollar, and Hong Kong Dollar.
Q15. Which of the following pairs are correctly matched? (1998)
1. Dow Jones – New York
2. Hang Seng – Seoul
3. FTSE – 100 – London
Select the correct answer using the code given below.
(a) 1, 2 and 3
(b) 2 and 3
(c) 1 and 2
(d) 1 and 3
Ans. (d)
Pairs (1) and (3) are correctly matched. The Dow Jones and FTSE-100 are indeed the stock exchanges of New York and London, respectively.
Dow Jones, established in 1885 by Dow Jones & Company, stands as one of the oldest and most significant stock exchanges globally.
The Financial Times Stock Exchange 100 Index (FTSE 100 Index) is a share index representing the top 100 companies listed on the London Stock Exchange, based on market capitalization.
Q16. Among the following commodities imported by India during the year 2000-01, which one was the highest in terms of rupee value? (2003)
(a) Edible oil
(b) Fertilisers
(c) Organic and inorganic chemicals
(d) Pearls, precious and semi-precious stones
Ans. (d)
During the fiscal year 2000-01, the commodities imported at the highest value in India were pearls, precious, and semi-precious stones, accounting for 8.3% of the total imports.
In the financial year 2021, the leading commodities imported by India and their respective shares of total imports were as follows:
- Mineral fuels, including oil: US $170.4 billion (29.9% of total imports)
- Gems and precious metals: $88.3 billion (15.5%)
- Electrical machinery and equipment: $56.7 billion (9.9%)
- Machinery, including computers: $48.4 billion (8.5%)
- Organic chemicals: $27.2 billion (4.8%)
Q17. Assertion (A) During the year 2001-02, the value of India’s total exports declined, registering a negative growth of 2.17%. Reason (R) During the year 2001-02, negative growth in exports was witnessed in respect of iron and steel, coffee, textiles and marine products. (2003)
Codes
(a) Both A and R are true and R is the correct explanation of A.
(b) Both A and R are true, but R is not the correct explanation of A.
(c) A is true, but R is false.
(d) A is false, but R is true.
Ans. (d)
A is false, but R is true. During the year 2001-02, negative growth in exports was indeed observed for iron and steel, coffee, textiles, and marine products.
India’s export of principal commodities experienced a negative growth rate of 0.82% during the period of April-December 2001, despite a significant increase of over 48% in wheat exports.
A negative net export figure signifies a trade deficit for a country, indicating that the total value of imports exceeds the total value of exports.
Q18. Assertion (A) The new EXIM policy is liberal, market-oriented and favours global trade. Reason (R) GATT has played a significant role in the liberalisation of the economy. (2003)
Codes
(a) Both A and R are true and R is the correct explanation of A.
(b) Both A and R are true, but R is not the correct explanation of A.
(c) A is true, but R is false.
(d) A is false, but R is true.
Ans. (b)
Both A and R are indeed true, but R is not the correct explanation of A.
The new Export-Import (EXIM) policy is indeed liberal, market-oriented, and supportive of global trade. It establishes the guidelines and regulations for the import and export activities of a country, also known as the Foreign Trade Policy. It outlines the government’s policy and strategy to promote exports and regulate imports, aiming to facilitate sustained growth in both export and import sectors in India.
Similarly, the General Agreement on Tariffs and Trade (GATT), signed by 23 countries in October 1947 after World War II, played a significant role in the liberalization of the global economy. Its purpose was to simplify international trade processes and reduce barriers to trade. However, while both statements are true, the second statement about GATT does not directly explain why the EXIM policy is liberal, market-oriented, and favorable towards global trade.
Q19. With reference to Government of India’s decision regarding Foreign Direct Investment (FDI) during the year 2001-02 consider the following statements. (2003)
1. Out of the 100% FDI allowed by India in the tea sector the foreign firm would have to disinvest 33% of the equity in favour of an Indian partner within four years.
2. Regarding the FDI in print media in India, the single largest Indian shareholders should have a holding higher than 26%.
Which of these statement(s) is/are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (c)
Both statements (1) and (2) are indeed correct.
In a significant move aimed at bolstering the tea industry, the Indian government approved 100% Foreign Direct Investment (FDI) in the tea sector in 2002. This encompassed foreign ownership in tea plantations as well. However, companies opting for this approach were required to divest a mandatory 26% stake in favor of an Indian partner or the Indian public within a period of five years.
Regarding FDI in the print media in India, as of 2002, the single largest Indian shareholders were mandated to hold a stake higher than 26%. Presently, FDI up to 26% is permitted in news and current affairs media, in contrast to 100% in non-news media like trade.
Q20. Which one of the following statements is correct with reference to FEMA in India? (2003)
(a) The Foreign Exchange Regulation Act, (FERA) was replaced by Foreign Exchange Management Act, (FEMA) in the year 2001
(b) FERA was given a sunset clause of one year till 31st May, 2002, to enable enforcement directorate to complete the investigation of pending issues
(c) Under FEMA, violation of foreign exchange rules has ceased to be a criminal offence
(d) As per the new dispensation, enforcement directorate can arrest and prosecute the people for the violation of foreign exchange rule
Ans. (c)
Statement (c) is indeed correct in reference to FEMA.
The Foreign Exchange Management Act (FEMA) was enacted in 1999, replacing the previous Foreign Exchange Regulation Act (FERA). It marked a significant step towards the liberalization and opening up of the Indian economy. FEMA was introduced to streamline and facilitate foreign exchange transactions, simplifying the regulatory framework and promoting ease of doing business in India.
Q21. The International Development Association, a lending agency, is administered by the (2010)
(a) International Bank for Reconstruction and Development
(b) International Fund for Agricultural Development
(c) United Nations Development Programme
(d) United Nations Industrial Development Organisation
Ans. (a)
The International Development Association (IDA) is indeed a lending agency administered by the International Bank for Reconstruction and Development, and it is part of the World Bank group. Established in 1960, IDA provides assistance on concessional terms to the poorest countries, supporting various development activities aimed at fostering equality, economic growth, job creation, higher incomes, and improved living conditions. IDA is indeed one of the largest sources of assistance for the world’s 74 poorest countries and serves as the single largest source of donor funds for basic social services in these nations.
Q22. In order to comply with TRIPS Agreement, India enacted the Geographical Indications of Goods (Registration and Protection) Act, 1999. The difference/difference between a ‘Trade Mark’ and a Geographical Indications is/are (2010)
1. A trademark is an individual or a company’s right whereas, a geographical indication is a community’s right.
2. A trademark can be licensed whereas a geographical indication cannot be licensed.
3. A trademark is assigned to the manufactured goods whereas, the Geographical Indication is assigned to the agricultural goods/products and handicraft only.
Which of the statement(s) given above is/are correct?
(a) Only 1
(b) 1 and 2
(c) 2 and 3
(d) 1, 2 and 3
Ans. (b)
Statements (1) and (2) stand accurate. A trademark represents the exclusive right of an individual or entity, while a geographical indication denotes the collective entitlement of a community. Geographical indications are applicable to region-specific products, such as particular varieties of mango cultivated in specific areas within a country. Geographical Indications (GIs) function akin to trademarks but serve as identifiers of a particular geographic region. Examples of GIs include Basmati rice, Champagne, Swiss watches, among others. Any individuals within the original area of production who adhere to defined standards can utilize the GI. However, due to its association with the place of origin, a GI cannot be transferred or licensed to entities outside that region or not affiliated with the authorized producers’ group.
Q23. The SEZ (Special Economic Zone) Act, 2005 which came into effect in February, 2006 has certain objectives. In this context, consider the following. (2010)
1. Development of infrastructure facilities.
2. Promotion of investment from foreign sources.
3. Promotion of exports of services only.
Which of the above is/are the objective(s) of this act?
(a) 1 and 2
(b) Only 3
(c) 2 and 3
(d) 1, 2 and 3
Ans. (a)
Statements (1) and (2) are accurate. The Special Economic Zone (SEZ) Act of 2005, enacted in February 2006, is primarily designed to expedite economic growth by utilizing tax benefits to entice foreign investment and stimulate technological progress.
The key objectives of the SEZ Act encompass:
- Encouraging additional economic activity
- Fostering the exportation of goods and services
- Stimulating investment from both domestic and international sources
- Generating employment opportunities
- Enhancing infrastructure development
SEZ developers enjoy a range of incentives and amenities, such as exemption from customs and excise duties for SEZ development purposes endorsed by the Board of Approval (BOA). Additionally, there is income tax relief on profits derived from SEZ development businesses for a period of 10 years within a 15-year timeframe under Section 80-IAB of the Income Tax Act.
Q24. Consider the following countries. (2010)
1. Brazil
2. Mexico
3. South Africa
According to UNCTAD, which of the above is/are categorised as ‘Emerging Economies’?
(a) Only 1
(b) 1 and 3
(c) 2 and 3
(d) 1, 2 and 3
Ans. (d)
According to UNCTAD, Brazil, Mexico, and South Africa fall under the category of ‘Emerging Economies’. Emerging markets represent nations experiencing rapid growth and industrialization in their social or business activities. Presently, there are 28 emerging markets globally, with China and India boasting the largest economies among them. Latin American countries, including Argentina, Brazil, and Chile, along with nations in Southeast Asia, Eastern Europe, Russia, the Middle East (especially Persian Gulf Arab states), and parts of Africa (particularly South Africa), are all classified as emerging markets.
Q25. Which one of the following is not related to United Nations? (2010)
(a) Multilateral Investment Guarantee Agency
(b) International Finance Corporation
(c) International Centre for Settlement of Investment Disputes
(d) Bank for International Settlements
Ans. (d)
The Bank for International Settlements (BIS) is independent of the United Nations. Formed in 1930 by 63 central banks representing nations worldwide, which collectively contribute to approximately 95% of global GDP, it operates with its headquarters in Basel, Switzerland, along with representative offices in Hong Kong and Mexico City. The primary aim of the BIS is to promote international monetary and financial cooperation, functioning as a central bank for central banks.
Q26. Which of the following gives ‘Global Gender Gap Index’ ranking to the countries of the world? (2017)
(a) World Economic Forum
(b) UN Human Rights Council
(c) UN Women
(d) World Health Organisations
Ans. (a)
The ‘Global Gender Gap Index’ made its inaugural appearance in 2006 courtesy of the World Economic Forum. In its 2016 edition, the report encompasses 144 significant and emerging economies. Serving as a metric for evaluating gender equality, the Gender Gap Index assesses and ranks countries based on identified gender disparities. The index operates under the premise that women face systematic disadvantages compared to men, thus focusing solely on areas where traditional gender imbalances persist.
Q27. ‘Broad-based Trade and Investment Agreement (BTIA)’ is sometimes seen in the news in the context of negotiations held between India and (2017)
(a) European Union
(b) Gulf Cooperation Council
(c) Organisations for Economic Cooperation and Development
(d) Shanghai Cooperation Organisations.
Ans. (a)
The term ‘Broad-based Trade and Investment Agreement (BTIA)’ often surfaces in news reports concerning negotiations between India and the European Union. Commencing on June 28, 2007, in Brussels, Belgium, India and the EU embarked on discussions regarding a comprehensive Bilateral Trade and Investment Agreement (BTIA). These negotiations are a step forward following the recommendation of the India-EU High Level Technical Group to pursue talks for a broad-ranging trade and investment pact. Securing expanded market access for services within the European Union (EU) stands as a pivotal factor for the advancement of the Broad-based Trade and Investment Agreement (BTIA) between the EU and India.
Q28. Consider the following statements. (2017)
1. The Nuclear Security Summits are periodically held under the aegis of the United Nations.
2. The International Panel on Fissile Materials is an organ of International Atomic Energy Agency.
Which of the statement(s) given above is/are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
Neither statement (1) nor statement (2) is accurate. The Nuclear Security Summit (NSS) is a global gathering aimed at preventing nuclear terrorism worldwide. It was initiated by the United States in 2009. The most recent summit, the fourth in the series, took place in Washington, D.C. in 2016.
The International Panel on Fissile Materials is not an organ of the International Atomic Energy Agency (IAEA); rather, it is an independent assembly comprising arms-control and nonproliferation experts from both nuclear weapon and non-nuclear weapon states. Established in January 2006, its mission is to propose practical and feasible policy measures to safeguard, consolidate, and diminish stockpiles of highly enriched uranium and plutonium.
Q29. With reference to ‘Asia Pacific Ministerial Conference on Housing and Urban Development (APMCHUD) consider the following statements: (2017)
1. The first APMCHUD was held in India in 2006 on the theme ‘Emerging Urban Forms Policy Responses and Governance Structure’.
2. India hosts all the Annual Ministerial Conferences in partnership with ADB, APEC and ASEAN.
Which of the statement(s) given above is/are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans. (d)
Neither statement (1) nor statement (2) is correct. The inaugural Asia-Pacific Ministerial Conference on Housing and Urban Development (APMCHUD) took place in New Delhi in December 2006 under the theme of ‘A vision for sustainable urbanization in the Asia-Pacific by 2020’. Contrary to statement (2), the host of the APMCHUD is not predetermined by member countries; instead, it is selected from among member countries based on their offer to host the event, which is then approved by the members during the previous conference. The primary objective of the APMCHUD, established in 2006, is to advocate for sustainable housing and urban development for human settlements across the Asia-Pacific Region.
Q30. The term ‘Digital Single Market Strategy’ seen in the news refers to (2017)
(a) ASEAN
(b) BRICS
(c) EU
(d) G20
Ans. (c)
The phrase ‘Digital Single Market Strategy’ commonly mentioned in the news pertains to the European Union (EU). Adopted on May 6, 2015, it stands as one of the European Commission’s foremost political objectives. This strategy is designed to facilitate online transactions for both consumers and businesses and foster the expansion of digital networks and services. It encompasses three main policy pillars: enhancing access to digital goods and services, creating an environment conducive to the flourishing of digital networks and services, and utilizing digital technologies as a catalyst for economic growth.
Q31. Consider the following countries. (2018)
1. Australia
2. Canada
3. China
4. India
5. Japan
6. USA
Which of the above are among the ‘free-trade partners’ of ASEAN?
(a) 1,2,4 and 6
(b) 3, 4, 5 and 6
(c) 1,3,4 and 5
(d) 2, 3, 4 and 6
Ans. (c)
Australia, China, and India are among the free trade partners of the Association of Southeast Asian Nations (ASEAN). ASEAN has established five free trade agreements (FTAs) with six Dialogue Partners, namely China, Japan, South Korea, India, Australia, and New Zealand.
A Free Trade Agreement (FTA) entails an arrangement between two or more countries, outlining specific obligations that impact trade in goods and services, as well as provisions regarding investor protections, intellectual property rights, and more.
The ASEAN-India Trade in Goods Agreement was signed in August 2009 and came into effect on January 1, 2010.
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