Question

2) GATT and its successor, the World Trade Organization, have established a set of rules for the commercial conduct of trading nations. Explain.

Answer 1

Ans) WTO establishes framework for trade These are as follows:- Non - discrimination :- It has two major component : the most favoured nation it requires that a WTO member must apply the same conditions on all trade with other WTO members.If gra Ted a special favour than it is granted for all and the other is national treatment means that the imported goods should be treated no less favourably than domestically produced goods.2) Binding and enforceable commitments.: The tariff commitment made by WTO members establishes " ceiling bindings" a country can change its bindings ,but only after negotiating with its trading partners which means compensating for loss of trade.3 Transparency :- Members are required to publish their trade regulations ,to respond to request of the information by other members and to notify changes in trade policies to WTO..4) Safety valuevalues :- The members should take measures to protect the environment and public health and animal health.