Question:
Write a detailed note on features, structure, objectives and functioning of WTO.
Answer:
Features of the WTO (World Trade Organisation):
- It governs trade in goods, services and intellectual property rights among the member countries.
- It is a body created by an international treaty with the approval of the governments and legislatures of the member states.
- The decisions of the WTO are made by the governments of the member nations on the basis of consensus.
Structure of the WTO
On January 1, 1995, the General Agreement on Tariffs and Trade (GATT) was transformed into the WTO to facilitate international trade among the member countries. The WTO was made much more powerful than GATT, by removing tariff and non-tariff barriers between the member nations. It is a permanent body created by an international treaty and represents the implementation of the original proposal of the ITO.
Objectives of the WTO
- Reducing tariff and other non-trade barriers imposed by different nations;
- Ensuring sustainable development by optimally using the world resources;
- Developing a more integrated, feasible and stable trading system.
Functions of the WTO
- Providing an environment to the member countries such that they can put forward their grievances before the WTO without any hesitation;
- Resolving trade disputes among member nations;
- Eliminating discriminations in trade relations by laying down a commonly accepted code of conduct;
- Creating better understanding between member countries by consulting with the IMF, the World Bank and other affiliates.
International Business II
Q 1.
List various affiliated bodies of World Bank.
Q 2.
Name any two WTO Agreements.
Q 3.
Discuss the process involved in securing for exports.
Q 4.
Explain the meaning of the following documents used in connection with import transactions
- Trade enquiry,
- Import license,
- Shipment of advice,
- Import general manifest,
- Bill of entry.
Q 5.
What is Advance License Scheme?
Q 6.
Write a detailed note on features, structure, objectives and functioning of WTO.
Q 7.
What is Shipping Bill?
Q 8.
Write short notes on the following:
- UNCTAD
- MIGA
- World Bank
- ITPO
- IMF
Q 9.
Name the most important document used in import.
Q 10.
List out major affiliated bodies of the World Bank.
Q 11.
Name the most important document of export.
Q 12.
How many Export Promotion Councils are there in India?
Q 13.
What was the objective of MIGA?
Q 14.
When was State Trading Corporation established?
Q 15.
Define Export Processing Zones.
Q 16.
What is the main objective of WTO?
Q 17.
When was IIFT formed?
Q 18.
Why is export promotion necessary?
Q 19.
What is pre-shipment finance?
Q 20.
Why is it necessary for an export firm to go in for pre-shipment inspection?
Q 21.
Write the full form of ICSID.
Q 22.
Explain briefly the process of customs clearance of export goods.
Q 23.
Santa Cruz is famous for which exclusive items?
Q 24.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 25.
Explain different organizations involved in export promotion or facilitating foreign trade.
Q 26.
Explain the meaning of Mate's Receipt.
Q 27.
Which certificate is necessary to prove that goods are produced in the home country itself ?
Q 28.
Write short note on Indent House and Dock Challan.
Q 29.
Why did WTO establish? What are its objectives?
Q 30.
Discuss the principal documents used in exporting.
Q 31.
Discuss the principal documents used in exporting.
Q 32.
Discuss the formalities involved in getting an export license.
Q 33.
Explain the term FOB.
Q 34.
What is a Letter of Credit? Why does an exporter need this document?
Q 35.
Which agency of World Bank provides loan to private sector of developing countries?
Q 36.
Name the certificate which is used for ensuring timely payment.
Q 37.
Explain the term FOB.
Q 38.
What is IEC number?
Q 39.
What is the purpose of pre-shipment finance?
Q 40.
Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.
Q 41.
Who is a clearing agent?
Q 42.
What is IMF? Discuss its .various objectives and functions.
Q 43.
How many regional and international offices does ITPO have?
Q 44.
Discuss the process involved in securing for exports.
Q 45.
What is Performa Invoice?
Q 46.
How many Commodity Boards are there in India?
Q 47.
Explain the steps of export procedure.
Q 48.
What is Bill of Lading? How does it differ from bill of entry?
Q 49.
Why is it necessary to get registered with an Export Promotion Council?
Q 50.
Give full form of EPZ and SEZ.
