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Eco Economics

EconomicsNEB 2081

Write any two principles of WTO.

1

Answer

· Based on the official syllabus and past papers
Updated

The World Trade Organization (WTO) operates on several key principles that guide international trade. Here are two fundamental principles:

  1. Non-Discrimination (Most-Favored-Nation and National Treatment)

    • Most-Favored-Nation (MFN): All WTO members must grant the same trade advantages to each other as they do to their most favored trading partner. This prevents preferential treatment of certain countries over others.
    • National Treatment: Once goods or services enter a country, they must be treated no less favorably than domestic goods or services. This ensures fair competition in the domestic market.

  2. Free Trade and Reduction of Trade Barriers The WTO promotes free trade by encouraging member countries to reduce tariffs, quotas, and other trade barriers. This principle aims to create a more open and predictable global trading environment, fostering economic growth and development.

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