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Chapter Summary

World Trade Organisation

ICSE · Class 11 · Commerce

Summary of World Trade Organisation for ICSE Class 11 Commerce. Key concepts, important points, and chapter overview.

65 questions35 flashcards5 concepts

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Overview

The World Trade Organisation, or WTO, is the legal and institutional foundation of the multilateral trade system. It was established on January 1, 1995, as the successor to GATT under the Marrakash Agreement. Its creation gave world trade a permanent institutional form, with wider coverage than GATT

Key Concepts

GATT

GATT, the General Agreement on Tariffs and Trade, was established on October 30, 1947 with 23 countries. It was an adhoc and provisional institution f

The World Trade Organisation was established

The World Trade Organisation was established on January 1, 1995 under the Marrakash Agreement as the successor to GATT. It is a permanent organisation

The Uruguay Round of GATT negotiations

The Uruguay Round of GATT negotiations led to the evolution of international economic legislation and produced 500 pages of specific agreements.

WTO has global status similar

WTO has global status similar to the IMF and World Bank, but it is not a United Nations agency. All WTO members have equal voting rights.

The WTO covers trade in goods

The WTO covers trade in goods, trade in services, protection of Trade Related Intellectual Property Rights (TRIPS), and Trade Related Investment Measu

Learning Objectives

  • Understand the transition from GATT to WTO.
  • Recognise the status and nature of the WTO as a permanent organisation.
  • Identify the main objectives and features of the WTO.
  • Understand the scope of WTO rules in goods, services, TRIPS, and TRIMS.
  • Explain the WTO’s role in solving trade disputes and promoting multilateral trade.

Frequently Asked Questions

What are the important topics in World Trade Organisation for ICSE Class 11 Commerce?
World Trade Organisation covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in World Trade Organisation — ICSE Class 11 Commerce?
Understand the core concepts first, then work through the 65 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All 23 chapters — ICSE Class 11 Commerce Chapter Summary

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