Indian Economic Development: Liberalisation, Privatisation and Globalisation – An Appraisal · Class 12 · CBSE · Commerce Economics
Which of the following best describes the primary purpose of the World Trade Organisation (WTO) in the context of globalisation?
Practice question from Indian Economic Development: Liberalisation, Privatisation and Globalisation – An Appraisal (Class 12 · CBSE · Commerce Economics), with the correct answer and a step-by-step solution.
easy · MCQ · Q-C9161B
Which of the following best describes the primary purpose of the World Trade Organisation (WTO) in the context of globalisation?
- A.To provide loans exclusively for infrastructure projects in developing countries
- B.To establish rules for international trade and promote freer trade among countriesCorrect answer
- C.To fix the exchange rate of every member country's currency
- D.To transfer ownership of public enterprises to private firms
Solution
The WTO lays down and administers rules for international trade. It seeks to reduce trade barriers and promote freer and more predictable trade among member countries.
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