International Economic Institution

Explanation :

‘World Development Report’ is released by the World Bank

Explanation :

Both statements given in the question are true.

Explanation :

Montreal Protocol was adopted in 1987 to phase out the use of chlorofluorocarbons (CFCs) and other ozone depleting substances.

Explanation :

The report is prepared by the United Nations Conference on Environment & Development.

Explanation :

Both statements given in the question are true.

Explanation :

Statement 4 is false. The purpose of the World Bank is to open the global market of the economy by removing tariff and impedance, but its right is only in respect of member countries and not in relation to non-member countries.

Explanation :

The term `Second Generation Reform’ was coined by the IMF in the context of the globalisation of the world economy, to benefit developing countries to a degree with an increase in trade and investment. . The concept of second generation reform was evolved to insulate developing countries from marginalisation in the wake of Globalisation.

Explanation :

Madrid Agreement: Treaty, administered by the World Intellectual Property Organization (WIPO), for the repression of false or deceptive indications of source on goods.

Explanation :

It will be headquartered in Shanghai, China.

Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power.

Explanation :

World Bank's- International Bank for Reconstruction and Development releases world development report. The World Development Report (WDR) 2017: Governance and the law, seeks to shed light on how a better understanding of governance can bring about more effective policy interventions to achieve sustainable improvements in development outcomes.

Explanation :

In WTO terminology, subsidies in general are identified by “Boxes” which are given the colours of traffic lights: green (permitted), amber (slow down — i.e. be reduced), red (forbidden). The Agriculture Agreement has no Red Box, although domestic support exceeding the reduction commitment levels in the Amber Box is prohibited; and there is a Blue Box for subsidies that are tied to programmes that limit production. There are also exemptions for developing countries (sometimes called an “S&D Box”).

Amber Box: Domestic support for agriculture that is considered to distort trade and therefore subject to reduction commitments. Technically calculated as “Aggregate Measurement of Support” (AMS).

Blue Box: Amber Box types of support, but with constraints on production or other conditions designed to reduce the distortion. Currently not limited.

Green box: Domestic support for agriculture that is allowed without limits because it does not distort trade, or at most causes minimal distortion.

Explanation :

General anti-avoidance rule (GAAR) is an anti-tax avoidance regulation of India. The regulation allows tax officials to deny tax benefits, if a deal is found without any commercial purpose other than tax avoidance. It allows tax officials to target participatory notes. Under GAAR, the investor has to prove that the participatory note was not set to avoid taxes. It also allows officials to deny double taxation avoidance benefits, if deals made in tax havens like Mauritius were found to be avoiding taxes. The Union Budget 2016-17 announced the implementation of General Anti Avoidance Rules (GAAR) from April 1, 2017. The government has deferred GAAR but it will apply to investments made on or after April 1, 2017.

Explanation :

Singapore issues: Four issues introduced to the WTO agenda at the December 1996 Ministerial Conference in Singapore: trade and investment, trade and competition policy, transparency in government procurement, and trade facilitation.

Explanation :

Iran, Iraq, Kuwait, Saudi Arabia and Venezuela are the founding members of OPEC. It is headquartered at Vienna, Austria. The point to remember is Saudi Arabia is its De-facto Head. Recent addition to the grouping is Gabon in 2016. Addition of members to the grouping requires the consent of 3/4 of the total members of the Group.

Explanation :

The Asian Development Bank is a multilateral development finance institution whose capital stock is owned by 67 member countries (Japan has highest share, followed by US, China and India) and is engaged in promoting the economic and social progress of its developing member countries in the Asian and Pacific region. It is headquartered at Manila, Philippines. It provides finance to both sovereign countries as well as to the private parties. Hence, statement 1 and 2 are incorrect.

ADB raises funds through bond issues on the world's capital markets. It also relies on its members' contributions, retained earnings from our lending operations, and the repayment of loans. Hence, statement 3 is incorrect.

Explanation :

This is a biennial report that is released by “IMF”, not the WEF. So, statement 1 is wrong. As per its report, it has trimmed the global growth by 20 basis points as trade war between US and China has impact on the other economies - as all economies are interlinked due to globalisation.

India is expected to grow by 7.3% in 2018, which will make it the fastest growing economy of the world. So, statement 3 is wrong.

Explanation :

• The Financial Action Task Force (FATF) is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. Hence, statement 1 is wrong.
• In 2001, its mandate expanded to include terrorism financing. It monitors progress in implementing the FATF Recommendations through "peer reviews" (mutual evaluations) of member countries. Hence, statement 2 is also wrong.
• The FATF Secretariat is housed at the OECD headquarters in Paris. Hence, statement 3 is also wrong.

Explanation :

The UNSDF 2018-22 comprises of seven priority areas that outline the work that UN agencies will undertake jointly or individually, fully aligned with the priorities of the GoI. The seven priority areas outlined in the UNSDF are: 1. Poverty and Urbanization; 2. Health, Water, and Sanitation; 3. Education and Employability; 4. Nutrition and Food Security; 5. Climate Change, Clean Energy, and Disaster Resilience; 6. Skilling, Entrepreneurship, and Job Creation; and 7. Gender Equality and Youth Development. The NITI Aayog is the national counterpart for the UN in India for the operationalization of the UNSDF.

Explanation :

The Asian Infrastructure Investment Bank (AIIB) is an international financial institution that aims to support the building of infrastructure in the Asia-Pacific region. India is second largest share holder after China. Rusa is at 3rd position.

Explanation :

Functions of WTO.

• Administering WTO trade agreements
• Forum for trade negotiations
• Handling trade disputes
• Monitoring national trade policies
• Technical assistance and training for developing countries
• Cooperation with other international organizations

Explanation :

G-20 is a group of Finance Ministers and Central Bank governors from 20 major economies; 19 countries plus European Union.

Explanation :

Correct matches of the banks with its headquerters are:

Explanation :

The Dispute Settlement Understanding (DSU) states unequivocally that an Appellate Body report shall be adopted by the DSB and unconditionally accepted by the parties, unless the Dispute Settlement Body (DSB) decides by consensus within thirty days of its circulation not to adopt the report.

Explanation :

Definitions of Green and Amber boxes have been interchanged.

Explanation :

All the organisation are the part of the United nation.

Explanation :

The Trans-Pacific Partnership (TPP) is an ambitious, 21st century trade agreement that the United States is negotiating with 11 other countries throughout the Asia-Pacific region (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam).India is not a member of TPP.

Explanation :

The Indian Ocean Rim Association (IORA), formerly known as the Indian Ocean Rim Initiative and Indian Ocean Rim Association for Regional Cooperation (IOR-ARC), is an international organisation consisting of coastal states bordering the Indian Ocean.The IORA is a regional forum, tripartite in nature, bringing together representatives of Government, Business and Academia, for promoting co-operation and closer interaction among them. It is based on the principles of Open Regionalism for strengthening Economic Cooperation particularly on Trade Facilitation and Investment, Promotion as well as Social Development of the region.The Coordinating Secretariat of IORA is located at Ebene, Mauritius.

Explanation :

The IMF maintains funds which are contributed by member countries and gives loans to member countries from its reserves when they face temporary deficit in the balance of payments.

Explanation :

The Washington Consensus is a set of 10 economic policy prescriptions considered to constitute the “standard” reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions such as the International Monetary Fund (IMF), World Bank, and the US Treasury Department. It was coined in 1989 by English economist John Williamson. The prescriptions encompassed policies in such areas as macroeconomic stabilization, economic opening with respect to both trade and investment, and the expansion of market forces within the domestic economy.

Explanation :

Engineering technology and postgraduate programmes are not covered by the accord, although some engineering technology programmes are covered under the Sydney Accord and the Dublin Accord. Only qualifications awarded after the signatory country or region became part of the Washington Accord are recognized.

Explanation :

The IMF was originally designed to promote international economic cooperation and provide its member countries with short term loans so they could trade with other countries and achieve balance of payments. Since the debt crisis of the 1980’s, the IMF has assumed the role of bailing out countries during financial crises (caused in large part by currency speculation in the global economy) with emergency loan packages tied to certain conditions, often referred to as structural adjustment policies (SAPs). The IMF now acts like a global loan shark, exerting enormous leverage over the economies of more than 60 countries. These countries have to follow the IMF’s policies to get loans, international assistance, and even debt relief. Thus, the IMF decides how much debtor countries can spend on education, health care, and environmental protection. The IMF’s and World Bank’s structural adjustment policies (SAPs) ensure debt repayment by requiring countries to cut spending on education and health; eliminate basic food and transportation subsidies; devalue national currencies to make exports cheaper; privatize national assets; and freeze wages. Such belt-tightening measures increase poverty, reduce countries’ ability to develop strong domestic economies and allow multinational corporations to exploit workers and the environment A recent IMF loan package for Argentina, for example, is tied to cuts in doctors’ and teachers’ salaries and decreases in social security payments.. The IMF has made elites from the Global South more accountable to First World elites than their own people, thus undermining the democratic process.

Explanation :

1. For the purposes of the Green Economy Initiative, UNEP has developed a working definition of a green economy as one that results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities. In its simplest expression, a green economy can be thought of as one which is low carbon,resource efficient and socially inclusive.

The UNEP-led Green Economy Initiative, launched in late 2008, consists of several components whose collective overall objective is to provide the analysis and policy support for investing in green sectors and in greening environmental unfriendly sectors.

Within UNEP, the Green Economy Initiative includes three sets of activities:

1. Promoting the Green Economy Report and related research materials, which will analyse the macroeconomic, sustainability, and poverty reduction implications of green investment in a range of sectors from renewable energy to sustainable agriculture and providing guidance on policies that can catalyze increased investment in these sectors.
2. Providing advisory services on ways to move towards a green economy in specific countries.
3. Engaging a wide range of research, non-governmental organizations, business and UN partners in implementing the Green Economy Initiative.

Explanation :

Under the APA introduced in 2012, companies could enter into an agreement with tax authorities for the next five years, the roll-back norms give protection for the previous four years as well - a total of nine years.

Explanation :

Measures with minimal impact on trade which can be used freely — comes under “green box” subsidies. They include government services such as research, disease control, infrastructure and food security. They also include payments made directly to farmers that do not stimulate production, such as certain forms of direct income support, assistance to help farmers restructure agriculture, and direct payments under environmental and regional assistance programmes.

There are certain direct payments to farmers where the farmers are required to limit production; these are called as “blue box” measures.

Explanation :

Currency Depreciation: A decrease in the level of a currency in a floating exchange rate system due to market forces. If orderly and gradual, it improves a nation’s export competitiveness and may improve its trade deficit over time. It is the loss of value of a country’s currency with respect to one or more foreign reference currencies, typically in a floating exchange rate system. Its opposite, an increase of value of a currency, iscurrency appreciation. The appreciation of a country’s currency refers to an increase in the value of that country’s currency. It happens due to huge capital inflows in the country.

Currency Devaluation: A downward adjustment made to the value of a country’s currency, relative to another currency, group of currencies or standard.

Devaluation on modern monetary policy is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged. “Devaluation” means official lowering of the value of a country’s currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency. For example, China. In contrast, depreciation is used to describe a decrease in a currency’s value (relative to other major currency benchmarks) due to market forces, not government or central bank policy actions.

Explanation :

OPEC is a permanent intergovernmental organization, created at Baghdad conference on September 10-14, 1960, by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela. The five founding members were later joined by some other members.

OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.

Explanation :

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions and not world.

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

Ministry of Finance is the nodal agency that implements the policies and standards of this organization, in India.

Explanation :

India stands in WTO is for higher level of protection for geographical indication of goods.

Explanation :

The World Economic Forum issues a Global Gender Gap Index to review gender-based disparities around the world and track progress in closing the gap in four areas: educational attainment, health, economic participation, and political empowerment.

Explanation :

WB and IMF together called Bretton wood twins.

Explanation :

Only 3 boxes:-

1. Amber box:-

• It contains aid to be avoided and reduced.
• Defined in Article 6 of the Agriculture Agreement, as all domestic supports except those in the blue and green boxes.
• All domestic support measures considered to distort production and trade (with some exceptions).
• Include measures to support prices, subsidies directly related to production quantities, export subsidies, cheap loans etc.

2. Blue Box:-

• Article 6, Part 5 contains tolerated aid, this is the “amber box with conditions”- conditions designed to reduce distortion.
• It includes subsidies that are linked to one product, but that do not increase according to production levels. It includes aid that is linked to production limitation programmes and calculated according to a fixed production data from an earlier period.

E.g. Blue box contains aid to livestock or land not linked to prices but to fixed figures for surface and yield.

3. Green Box:-

• Annex 2 of AoA contains fully authorised aid, takes in subsidies that do not distort trade, or only minimally (Para 1). They have to be government-funded (not by charging consumers higher prices) and must not involve price support.

E.g. Research and training services provided to farmers by the state, marketing etc.

Explanation :

Compulsory licensing must meet certain additional requirements: it cannot be given exclusively to licensees (e.g. the patent-holder can continue to produce), and it should be subject to legal review in the country.

Explanation :

IRENA’s road map for doubling the share of renewable energy by 2030-REMAP 2030, provides positive insights. In addition, Bloomberg New Energy Finance projects a likely scenario of a 230% growth in investments in renewable energy power capacity by 2030, driven by cost competitiveness in wind and solar technologies relative to fossil fuel alternatives, as well as an increase in the roll out of renewable energy sources like hydro, geothermal and biomass.

Explanation :

The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in Mandaluyong, Metro Manila, Philippines.