Welcome to the NCERT Solutions for Class 11 Economics - Indian Economic Development - Chapter Liberalisation, Privatisation and Globalisation: An Appraisal. This page offers a step-by-step solution to the specific question from Exercise 1, Question 2:
Why is it necessary to became a member of WTO?
. With detailed answers and explanations for each chapter, students can strengthen their understanding and prepare confidently for exams. Ideal for CBSE and other board students, this resource will simplify your study experience.Why is it necessary to became a member of WTO?
It is important for any country to become a member of WTO (World Trade Organisation) for the following reasons:
i) WTO provides equal opportunities to all its member countries to trade in the international market.
ii) It provides its member countries with larger scope to produce at large scale to cater to the needs of people across the international boundaries. This provides ample scope to utilise world resources optimally and provides greater market accessibility.
iii) It advocates for the removal of tariff and non-tariff barriers, thereby, promoting healthier and fairer competition among different producers of different countries.
iv) The countries of similar economic conditions being members of WTO can raise their voice to safeguard their common interests.
Match the following:
|
1. Prime Minister 3. Quota 4. Land Reforms 5. HYV Seeds 6. Subsidy |
A. Seeds that give large proportion of output C. Chairperson of the planning commission D. The money value of all the final goods and services produced within the economy in one year. E. Improvements in the field of agriculture to increase its productivity F. The monetary assistance given by government for production activities. |
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Welcome to the NCERT Solutions for Class 11 Economics - Indian Economic Development - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 2: Why is it necessary to became a member of WTO?....
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