Question

Which of the following points indicates that it is necessary to become the become a member of WTO? 

Options

• WTO provides equal opportunities to all its member countries to trade in the international market.  

• It advocates for the removal of tariff and nontariff barriers, thereby, promoting healthier and fairer competition among different producers of different countries. 

• The countries of similar economic conditions being members of WTO can raise their voice to safeguards their common interests. 

• All of the above

Answer 1

All of the above

Explanation:

It is critical for every country to join the World Trade Organization (WTO) for the following reasons:

1. The World Trade Organization (WTO) ensures that all of its members have equitable access to international trade.
2. It provides its member countries with larger scope to produce at a large scale to cater to the needs of people across the international boundaries. This provides ample scope to utilise world resources optimally and provides greater market accessibility.
3. It argues for the elimination of tariff and non-tariff obstacles, resulting in healthier and more equitable competition among diverse producers from various countries.
4. Countries with similar economic conditions that are members of the WTO might unite to protect their common interests.