Bretton Woods, GATT, WTO - Current Affairs Questions and Answers

ANSWER: JS Deepak

Explanation:
Telecom Secretary JS Deepak has been appointed India's permanent representative to World Trade Organization (WTO).

Mr. Deepak will take over his new assignment from June 1, 2017 and till then he will be Officer on Special Duty (OSD) in the Department of Commerce in the Ministry of Commerce and Industries with immediate effect.

The Appointments Committee of the Cabinet (ACC) headed by the Prime Minister Narendra Modi issued the order on March 1, 2017.

Previously, as Additional Secretary in the Ministry of Commerce, Deepak, a 1982-batch IAS of UP cadre, handled WTO and other international agencies.

With his transfer from the ministry, the government is expected to name a new secretary for the telecom as also for other ministries like tribal affairs and tourism.

Secretary, Culture, N.K. Sinha has been given the additional charge of Secretary, Tourism and Secretary, Social Justice and Empowerment G. Latha Krishna Rao has been given additional charge of Secretary, Tribal Affairs.

ANSWER: New Delhi

Explanation:

• The Doha Round of multilateral trade negotiations at WTO provides a unique opportunity to strengthen the rules on anti-dumping so that its application becomes fairer, objective and transparent.
• The Delhi Regional Anti-Dumping Workshop for Asian Investigating Authorities organised in New Delhi by the World Trade Organisation and the Centre for WTO Studies, Indian Institute of Foreign Trade brings together 37 senior officials from 18 investigating authority systems.
• Senior experts from developing countries in the Asian region, along with select developed countries like Australia, Canada, the EU, Japan and the United States are participating in the workshop.
• This Workshop is a unique and the only event of its kind globally.
• The Workshop aims to assist Asian developing WTO Members' investigating authorities to further enhance their technical capacity to conduct anti-dumping investigations in a fair and efficient manner, in conformity with WTO rules.

ANSWER: Pakistan

Explanation:
As per the MFN principle of the WTO General Agreement on Tariffs and Trade for which India is a signatory or contracting party, WTO said all members should treat others as MFN trading partners.
MFN status was accorded to Pakistan in 1996 as per India’s commitment to WTO.

• Pakistan did not reciprocate citing non-tariff barriers and huge trade imbalance
• PM Modi called for a meeting to review MFN status to Pakistan
• Currently , the level of bilateral trade is “very low” - representing a mere 0.4 percent of India’s overall goods trade worth USD 643.3 billion in 2015-2016.
• India could consider making use of a ‘security exception’ clause - Article 21(b)(iii) - in the GATT to deny the MFN status to Pakistan or bring in certain trade restrictions.
• However, there have been Article 21 disputes in the past between Czechoslovak (Socialist Republic) and the U.S. (1949); the U.S. and Nicaragua (1983 and 1985) and between the European Communities and former Yugoslavia (1992).

ANSWER: 76th

Explanation:
It aims at easing customs procedure to increase commerce. Commerce and industry minister Nirmala Sitaraman indicated the move was part of ongoing reforms in India

• India is the 76th WTO member to accept the TFA
• The TFA will enter into force once two thirds of the WTO 162 members were formally accepting the agreement
• Agreement aims at expediting the movement and clearance of goods including goods in transit.
• Implementation of the TFA has the potential to increase international merchandise exports by close to USD 1 trillion per year according to a WTO report.

ANSWER: All of the above

Explanation:

• Under the WTO norms, subsidies refer to financial contribution (loan, loan guarantee, grant, import duty exemption, equity infusion, fiscal incentives and purchase of goods) by the government or state agencies resulting in advantages to those players availing it. Action against subsidies is meant to level the playing field.
  
• The government has set up a special cell to compile information on subsidies given by other countries to their industry.
• The constitution of the special cell — as well as proposed measures including changes in laws such as Customs Act —is also aimed at indirectly helping India Inc file applications before the government seeking imposition of anti-subsidy duties on subsidised imports of items, such as steel, harming local industries.
• The development comes in the backdrop of slowdown in global trade and measures taken (including against merchandise exports from India) by several countries such as the U.S. to protect their domestic industries from unfairly low-priced imports.
• Government also wishes to boost local manufacturing through initiatives such as Make In India, Start-up India and Digital India.

ANSWER: Food security

Explanation:
Cabinet approves India’s stand on food security at WTO clearing the ex post facto stand taken by India for food security during the last WTO meeting at Nairobi. Cabinet has provided x post facto approval for approach adopted by India at Nairobi WTO meeting.

ANSWER: Trade Facilitation Agreement

Explanation:
India will pitch for a trade facilitation agreement in services at the WTO and other bilateral FTAs as the sector has massive potential and contributes to the economy of the country. India is forging ahead for a comprehensive trade pact in the services sector which is a key area of interest in the nation. This is with respect to the ongoing free trade agreement negotiations including RCEP/ Regional Comprehensive Economic Partnership and EU.

ANSWER: Benin, Burkina Faso, Chad, Mali

Explanation:
- Cotton-4 countries of WTO are West African coalition seeking cuts in cotton subsidies and tariffs.
- They composed of Benin, Burkina Faso, Chad, Mali

ANSWER: Only 1

Explanation:
- Ministerial Conference usually meets every two years. It brings together all members of the WTO, all of which are countries or customs unions.
- The 10th ministerial conference took place in Nairobi, Kenya in 2015.
- WTO commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT).
- Belarus remains one of the very few countries in the world that does not belong to the WTO. To name but two issues, the overwhelming role of the state in the economy and its extensive agricultural subsidies are the clearest obstacles for Belarus' accession to the WTO.

ANSWER: Afghanistan

Explanation:
- Afghanistan has become the 164th WTO member
- It has became the 36th least developed country (LDC)to join the global trade body after 11 years of negotiations.