Choose whether the statement is true/false.

WTO has to liberalise trade among nations.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
The World Trade Organization (WTO) is an organization that aims to liberalise trade among nations. It sets rules for international trade and works for the open and non-discriminatory exchange of goods and services among nations without any trade barriers. It sets rules for the smooth trade of goods and services among economies and in the world market. Though the WTO is supposed to allow free trade for all, in practice, it is seen that developed countries have unfairly retained trade barriers. It is unfair for developing economies as they cannot put up trade barriers because of the guidelines of the WTO, and their domestic producers suffer due to this competition.

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