Page 288 - DMGT401Business Environment

Unit 13: World Trade Organization

Fill in the blanks : Notes
6. .................................. cooperates with the International Monetary Fund, the World Bank and
other multilateral institutions to achieve greater coherence in global economic policy-
making.
7. .................................. allows for special assistance and trade concessions for developing
countries.
8. The WTO .................................. Agreement is an attempt to narrow the gap in the way rights
are protected around the world, and to bring them under common international rules.

9. .................................. means selling the product at below the on-going market price and/or
at the price below the cost of production.
10. The .................................. acts on behalf of the Ministerial Conference on all WTO affairs.

13.12 Review Questions

1. "Instead of calling it Word Trade Organization it should be called World Trade of
Opportunities". Do you agree? Justify.

2. Are the rules of the GATT agreement binding on all member countries? What are the
special protection measures do the agreement offers?
3. If any country wants to become a member of the World Trade Organisation, what it
should do? Why would any nation be willing to join WTO?
4. "The process of harmony amongst nations can't be complete without proper dispute
redressal". Discuss.
5. Discuss the association of WTO and India. How has India benefited by this association?

Answers: Self Assessment

1. True 2. False

3. False 4. False
5. False 6. WTO
7. GATT 8. TRIPS

9. Dumping 10. General Council
13.13 Further Readings

Books Bedi Suresh, Business Environment, Excel Books, 2006
Mittal Vivek, Business Environment, Excel Books, 2007
Starling, Grower, The Changing Environment of Business, Cincinnati, OH, South-
Western College Publishing, 1996

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