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The 14th Ministerial Conference (MC14) of the World Trade Organization (WTO) is scheduled for March 26-29, 2026.
It will be hosted in Yaoundé, Cameroon, marking the first time a WTO Ministerial Conference takes place in Sub-Saharan Africa.
WTO Director-General Ngozi Okonjo-Iweala highlighted that global trade is experiencing its most significant disruption in 80 years.
This disruption is partly attributed to the rise of reciprocal tariffs, particularly from the United States.
Regulates international trade, provides a forum for trade negotiations, and handles trade disputes.
Protectionism refers to government policies that restrict international trade to help domestic industries. This often involves imposing tariffs (taxes on imported goods), import quotas, or other barriers. Reciprocal tariffs occur when one country imposes tariffs on another's goods, and the affected country retaliates with similar tariffs on the first country's products, leading to a trade war.
Simple Analogy: Imagine two neighbours who usually exchange vegetables. If one neighbour starts charging a fee for their tomatoes, the other might start charging a fee for their potatoes in return, making trade difficult for both.
WTO's principles underpin various regional and bilateral trade agreements (e.g., FTAs, CEPA, RCEP). Challenges to WTO's multilateral system can push countries towards regional blocs.
WTO works alongside other international financial institutions like the IMF and World Bank to promote global economic stability and development, though with distinct mandates.
GS Paper II - International Relations; GS Paper III - Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. International institutions, agencies and fora, their structure and mandate.
General Awareness - Economy, International Organizations
General Awareness - Economy, International Organizations, Current Affairs
General Awareness - Current Affairs, International Organizations
Consider the following statements: 1. The value of Indo-Sri Lanka trade has consistently increased in the last decade. 2. "Textile and textile articles" constitute an important item of trade between India and Bangladesh. 3. In the last five years, Nepal has been the largest trading partner of India in South Asia. Which of the statements given above is/are correct?
Answer: 2 only
Consider the following countries: 1. Australia 2. Canada 3. China 4. India 5. Japan 6. USA Which of the above are among the 'free-trade partners' of ASEAN?
Answer: 1, 3, 4 and 5
'Broad-based Trade and Investment Agreement (BTIA)' is sometimes seen in the news in the context of negotiations held between India and
Answer: European Union
High
World Trade Organization, the global body regulating international trade.
The highest decision-making body of the WTO, usually meeting every two years.
Government policies that restrict international trade to protect domestic industries.
Tariffs imposed by one country in response to tariffs imposed by another.