2015 · Q35
Which of the following statements is not true ?
General KnowledgeIndian Economy
- AThe General Agreement on Tariffs and Trade (GATT) had regulated global trade since 1947.
- B) GATT was replaced by the World Trade Organisation (WTO) in 1995.
- CThe Most Favoured Nation principle under GATT provided that preferential trading agreements reached with one country should be extended to other countries.
- DThe WM has been able to cover in its agreements the agriculture and textile sectors which are the principal concerns for the Least Developed Countries (LDCs).
Explanation
GATT did regulate global trade from 1947, was replaced by the WTO in 1995, and embodied the Most Favoured Nation principle of extending preferential terms to all members. But the WTO has not been able to satisfactorily cover agriculture and textiles — the principal concerns of the Least Developed Countries — because of developed-country protectionism. Statement D is not true.