Explain the terms :(i) OGL(ii) WTO(iii) GATT(iv) SEZ

1.	Explain the terms :(i) OGL(ii) WTO(iii) GATT(iv) SEZ
Answer» (i) OGL : If a businessman wish to import/export goods/ services mentioned in the list published by the government he needs to obtain an Open General License (OGL). (ii) WTO : The World Trade Organization (WTO) is an intergovernmental organization which regulates international trade. 104 nations including India signed an agreement and established WTO on 1st January, 1995 by replacing the General Agreement on Tariffs and Trade (GATT) (iii) GATT : In 1948, 23 nations also known as founding members established the General Agreement on Tariffs and Trade (GATT) in Geneva. India wap one of those 23 nations (iv) SEZ : A special economic zone (SEZ) refers to certain fix area of a country which enjoys special economic regulations and liberal economic laws compared to other parts of the country.

Answer»

(i) OGL :

If a businessman wish to import/export goods/ services mentioned in the list published by the government he needs to obtain an Open General License (OGL).

(ii) WTO :

The World Trade Organization (WTO) is an intergovernmental organization which regulates international trade. 104 nations including India signed an agreement and established WTO on 1st January, 1995 by replacing the General Agreement on Tariffs and Trade (GATT)

(iii) GATT :

In 1948, 23 nations also known as founding members established the General Agreement on Tariffs and Trade (GATT) in Geneva. India wap one of those 23 nations

(iv) SEZ :

A special economic zone (SEZ) refers to certain fix area of a country which enjoys special economic regulations and liberal economic laws compared to other parts of the country.

Discussion

No Comment Found

Related InterviewSolutions

Why is it necessary to insure goods in international trades?
Why are trade agreements signed between nations?
Define foreign trade and explain its meaning.
In which year did India underwent major economic reforms?(A) 1991(B) 1995(C) 2001(D) 2005
State the definition of foreign trade given by Thomas.
Who makes international trade agreements?(A) Politicians(B) Businessman(C) Industrialists(D) Custom and excise departments
Which of the following is not a feature of international trade?(A) Maximum utilization of resources(B) High standard of living(C) Divisions of labour and specialization(D) Lesser taxes and duties
The benefits of international trade lures a country so much that it cannot resist jumping into it. Give reason.
Benefit of distribution of labour and specialization is achieved due to ________(A) Unequal distribution of natural resources(B) Less development of nations(C) Economic and political policies(D) Both (A) and (C)
In which of the following places, SEZ is not present?(A) Dahej(B) Falta(C) Cochin(D) Banswada