Context:
World Trade Organization (WTO) is celebrating 30 years of the Marrakesh Agreement
Marrakesh Agreement:
- Signed in – 1994 at Marrakesh, Morocco (by 123 countries)
- Based on – Uruguay Round (spanning from 1986 to 1994)
- Significance –
- Led to the establishment of the WTO in 1995, replacing General Agreement on Tariffs and Trade (GATT) as an international organization.
- Serves as basic framework for trade relations among all WTO members.
- Expanded the scope beyond trade in goods to trade in services, intellectual property, and other topics.
- Established modern multilateral trading system, facilitating negotiations, dispute settlement, and economic cooperation among members.
World Trade Organization (WTO):
- Established in – 1995
- Only international organization dealing globally with the rules of trade between nations.
- Objective – To help its members use trade as a means to raise living standards
- Members – 166 (accounts for 98% of world trade) including India.
- Headquarters – Geneva, Switzerland.
- Decisions – Typically made by consensus
Source: WTO
Previous Year Question
Consider the following statements:
1. India has ratified the Trade Facilitation Agreement (TFA) of WTO.
2. TFA is a part of WTO’s Bali Ministerial Package of 2013.
3. TFA came into force in January 2016.
Which of the statements given above are correct?
[UPSC Civil Service Exam – 2017 Prelims]
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Answer: (a)
Explanation:
Statement 3 is not correct. TFA came into force in February 2017 and not in 2016.
