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.
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 4.
What is Advance License Scheme?
Q 5.
What is Shipping Bill?
Q 6.
Discuss the process involved in securing for exports.
Q 7.
Name the most important document of export.
Q 8.
What was the objective of MIGA?
Q 9.
List out major affiliated bodies of the World Bank.
Q 10.
Write short notes on the following:
- UNCTAD
- MIGA
- World Bank
- ITPO
- IMF
Q 11.
Write a detailed note on features, structure, objectives and functioning of WTO.
Q 12.
What is the main objective of WTO?
Q 13.
How many Export Promotion Councils are there in India?
Q 14.
Why is export promotion necessary?
Q 15.
Define Export Processing Zones.
Q 16.
Name the most important document used in import.
Q 17.
Why is it necessary for an export firm to go in for pre-shipment inspection?
Q 18.
What is pre-shipment finance?
Q 19.
When was State Trading Corporation established?
Q 20.
Discuss the principal documents used in exporting.
Q 21.
Santa Cruz is famous for which exclusive items?
Q 22.
Explain briefly the process of customs clearance of export goods.
Q 23.
How many regional and international offices does ITPO have?
Q 24.
Give full form of EPZ and SEZ.
Q 25.
Explain the term FOB.
Q 26.
Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.
Q 27.
Write the full form of ICSID.
Q 28.
Write short note on Indent House and Dock Challan.
Q 29.
What is IMF? Discuss its .various objectives and functions.
Q 30.
Who is a clearing agent?
Q 31.
Explain different organizations involved in export promotion or facilitating foreign trade.
Q 32.
Why is it necessary to get registered with an Export Promotion Council?
Q 33.
Name the certificate which is used for ensuring timely payment.
Q 34.
How many Commodity Boards are there in India?
Q 35.
Which agency of World Bank provides loan to private sector of developing countries?
Q 36.
Discuss the formalities involved in getting an export license.
Q 37.
When was IIFT formed?
Q 38.
What is Performa Invoice?
Q 39.
What is IEC number?
Q 40.
List and explain various incentives and schemes that the government has evolved for promoting the country's foreign trade.
Q 41.
Explain the meaning of Mate's Receipt.
Q 42.
Explain the steps of export procedure.
Q 43.
Define Mate's Receipt.
Q 44.
What is Bill of Lading? How does it differ from bill of entry?
Q 45.
Explain the term FOB.
Q 46.
What is the purpose of pre-shipment finance?
Q 47.
Write the full form of DTA.
Q 48.
Why did WTO establish? What are its objectives?
Q 49.
Discuss the process involved in securing for exports.
Q 50.
Rekha Garments has received an order to export 2000 men's trousers to Swift Imports Ltd. located in Australia. Discuss the procedure that Rekha Garments would need to go through for executing the export order.
