IBO 01 Solved Assignment International Business Environment
IBO 01 International Business Environment
July 2020 and January 2021
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Title – IBO 01 International Business Environment
University – Ignou
Assignment Types – PDF, SOFT COPY /Handwritten on order
Course – Master of Commerce
(M.Com) 1st Year
Medium / Language –ENGLISH / HINDI
Session – JULY 2020, JANUARY 2021
Subjects code – IBO 01
Assignment Submission Date – July 2020 session के लिए – 31 March 2021, January 2021 session के लिए – 30 September 2021.
Master of Commerce (M.Com) 1st Year
IBO 01 Solved Assignment 2020-21
Q. 3. Explain the structure and functions of WTO. Is WTO helpful to international business or is it a hindrance? Substantiate your answer with examples.
Ans. Functions of World Trade Organization : The Agreement establishing WTO provides that it should perform the following four functions:
(1) 1st, it shall facilitate the implementation administration and operation of the Uruguay Round legal instruments and of any new agreements that may be negotiated in the future.
(2) 2nd, it shall provide a forum for further negotiations among member countries on matters covered by the agreements as well as on new issues falling within its mandate.
(3) 3rd, it shall be responsible for the settlement of differences and disputes among its member countries.
(4) 4th, it shall be responsible for carrying out periodic reviews of the trade policies of its members countries.
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Role of WTO
WTO provides the institutional framework required for the implementation and enforcement of all the multilateral
and plurilateral agreements. It is expected that the business firms in different countries should be able to take advantage
of the improved institutional framework resulting from the Uruguay round depending upon:
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(a) Their knowledge of the trade rules and the rights and obligations associated with them.
(b) Their knowledge of the new opportunities for trade arising from the liberalisation commitments made by the countries during the negotiations and
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(c) The initiative taken by them to represent to their governments the problems faced by them in selling their goods in the international markets so that their government can raise them at the appropriate forums of the World Trade Organisation, the international agency to enforce the new multilateral trading regime.
IBO 01 Solved Assignment 2021 Pdf
(d) WTO (GATT) has been instrumental in the rapid expansion of international trade. It has been so because of the large reductions in the barriers to free trade. Custom duties a cross the counties have been cut from about 40% to an average of 5% of the price of an imported product. Non-tariff barriers such as quotas
are banned except in special circumstances.
IBO 01 INTERNATIONAL BUSINESS
ENVIRONMENT Solved Assignment
Trade has also expanded vastly through the promotion of multilateral trading system which allows balancing of trade through a third country. Thirdly, Provision of
Most Favoured Nation (MFN) has also facilitated the rapid expansion of trade. Under it, any concession given to a member country is automatically applicable to other member-countries of the GATT. In other words, this non-discriminatory basis of trade acted as a favourable factor for trade expansion. Lastly, the GATT has also provided an effective mechanism of the settlement of disputes among the trading countries.
As a result of all the reasons mentioned above, trade in merchandise expanded from a mere $57 billion in 1948 to $5,235 billion, an increase of about 92 times.
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