State whether true/false.

WTO stands for World Trade Organisation.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
The World Trade Organisation (WTO) is an organisation that aims to liberalise trade across nations. It sets rules for international trade and works for open and non-discriminatory exchange of goods and services among nations without any trade barriers. But, most developed countries do not follow the rules strictly and often use practices that affect fair trade among nations. It is unfair for the developing economies as they can not put trade barriers because of the guidelines of WTO, and their domestic producers suffer due to this competition. Developing countries can come together and protest against the unfair pressure of developed countries in the WTO. By following these policies, trade can become fair.

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