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Revision Notes

World Trade Organisation — Revision Notes

ICSE · Class 11 · Commerce

World Trade Organisation revision notes for ICSE Class 11 Commerce: 4 topics in quick points. Part of the ICSE Class 11 Commerce syllabus.

65 questions35 flashcards5 concepts

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Key Topics to Revise

1

1. From GATT to WTO

  • GATT stood for General Agreement on Tariffs and Trade.
  • GATT was established on October 30, 1947 with 23 countries.
  • GATT was an adhoc and provisional institution for multilateral trade.
2

2. Status and Nature of WTO

  • WTO is officially defined as the legal and institutional foundation of the multilateral trade system.
  • WTO has global status similar to that of the IMF and World Bank.
  • WTO is not a United Nations agency.
3

3. Objectives and Features of WTO

  • The main objective of WTO is to reduce tariffs and other barriers to trade.
  • WTO aims to eliminate discriminatory treatment in international trade relations.
  • WTO seeks higher standards of living, full employment, and growth in income, production, and trade.
4

4. Scope and Functions of WTO

  • The scope of WTO includes trade in goods.
  • The scope of WTO includes trade in services.
  • The scope of WTO includes Protection of Trade Related Intellectual Property Rights, or TRIPS.

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Full Notes

Key Concepts

GATTThe World Trade Organisation was establishedThe Uruguay Round of GATT negotiationsWTO has global status similarThe WTO covers trade in goods

Frequently Asked Questions

What are the important topics in World Trade Organisation for ICSE Class 11 Commerce?
Key topics in World Trade Organisation include From GATT to WTO, Status and Nature of WTO, Objectives and Features of WTO, Scope and Functions of WTO. Study these first, then practise questions on each for Class 11 exams.
How should I revise World Trade Organisation for Class 11 exams?
Learn the core ideas first, then work through the 65 practice questions on World Trade Organisation. Revise 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 ICSE Class 11 Commerce Revision Notes

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