Which of the following is a major objective of the World Trade Organisation?
A. Providing development loans
B. Promoting free and fair trade among nations
C. Providing short-term BOP support
D. Maintaining exchange rate stability
Answer: Option B
Solution (By JKSSB Mock Tests)
The WTO aims to promote free and fair international trade by reducing trade barriers, settling disputes and providing a framework for trade negotiations.
Explanation:
The gravity model predicts that the volume of trade between two countries is proportional to the product of their GDPs and inversely related to the distance (and other trade costs) between them.
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