International Organisations — Indian Economy

Q.1

WBPSC Miscellaneous Prelims 2008

The following is not a member of the European Union:

A. Turkey

B. Cyprus

C. Slovakia

D. Ireland

Explanation

Why Correct: Turkey is a candidate country for EU membership but has not become a full member due to various political and economic criteria. It officially applied in 1987 and has been a candidate since 1999.
Distractor Analysis: Cyprus joined the EU in 2004 as a full member. Slovakia joined in 2004 as well. Ireland has been a member since 1973.
Takeaway: Current EU candidates include Turkey, North Macedonia, Montenegro, Serbia, and Albania. Turkey remains the most prominent non-member applicant.

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Q.2

WBCS prelims 2019

Consider the following statements about Regional Comprehensive Economic Programme (RCEP).
1. It is an economic cooperation for the China led free trade.
2. It is a counter cooperation for the America led trans-Pacific partnership.
3. In the countries involved in this cooperation Indian Professionals will have job market.
Select the correct answer using the codes given below:

A. 1 and 2

B. 1 and 3

C. 2 and 3

D. All of the above

Explanation

Why Correct: RCEP is a free trade agreement among 15 Asia-Pacific nations, led by China, and is viewed as a counter to the US-led TPP. Statements 1 and 2 are correct.
Distractor Analysis: Statement 3 is incorrect because RCEP does not guarantee job markets for Indian professionals; it facilitates trade in goods, services, and investment, but labor mobility provisions are limited. India withdrew from RCEP in 2019.
Takeaway: India withdrew from RCEP citing concerns over trade deficits and lack of adequate protection for domestic industry.

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Q.3

WBCS prelims 2012

Name the international financial institution which controls the exchange value of currencies of different countries

A. Federal Reserve system in USA

B. International Bank for reconstruction and development

C. IMF (International Monetary Fund)

D. None of the above

Explanation

Why Correct: The IMF is the international institution responsible for overseeing the exchange rate system and ensuring exchange rate stability among member countries.
Distractor Analysis: Federal Reserve is the US central bank. IBRD provides development loans.
Takeaway: The IMF's Article IV consultations focus on exchange rate policies.

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Q.4

WBCS prelims 2009

World Trade Organization was established in the year

A. 1986

B. 1995 (1st Jan)

C. 2000

D. 2005

Explanation

Why Correct: The World Trade Organization (WTO) was established on 1 January 1995, replacing the General Agreement on Tariffs and Trade (GATT).
Distractor Analysis: 1986 marks the launch of the Uruguay Round negotiations that led to the WTO's creation. 2000 and 2005 are post-establishment dates with no direct relevance to the founding of the WTO.
Takeaway: The WTO came into effect on 1 January 1995, following the Marrakesh Agreement signed on 15 April 1994.

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Q.5

WBCS prelims 2004

The earlier name of WTO was

A. UNCTAD

B. GATT

C. UNTDO

D. OECD

Explanation

Why Correct: The World Trade Organization (WTO) replaced the General Agreement on Tariffs and Trade (GATT) in 1995.
Distractor Analysis: UNCTAD is the United Nations Conference on Trade and Development. UNTDO is not a recognized international trade acronym; the correct name is UNIDO (UN Industrial Development Organization). OECD is the Organisation for Economic Co-operation and Development, a grouping of developed economies.
Takeaway: GATT was signed in 1947 and the Uruguay Round (1986-1994) led to the establishment of the WTO in 1995.

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