Statement – II : The WTO administers the “Trade Review Mechanism”.

Reasoning (R) : The Government of India is keen to grow exports and provide more jobs for the young, talented, well-educated and even semi-skilled and unskilled workforce in India.

(a) WTO rules are mainly applied to trade in goods but other areas such as services, intellectual property, etc., are not covered by them. (b) GATT had contracting parties, whereas WTO has members. (c) The dispute settlement system under WTO is much more efficient, speedy and transparent unlike the GATT system which was highly susceptible […]