UPSC CSE Prelims
International Trade and Economic Organizations Previous Year Questions (PYQs)
Showing solved Previous Year Questions for Chapter: International Trade and Economic Organizations
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India’s ranking in the ‘Ease of Doing Business Index’ is sometimes seen in the news. Which of the following has declared that ranking?
Detailed Explanation:
Answer: Option 3 — World Bank
The Ease of Doing Business Index was published by the World Bank. This index ranked countries based on the regulatory environment for business operations, measuring factors such as starting a business, getting electricity, registering property, getting credit, paying taxes, trading across borders, enforcing contracts, and resolving insolvency. The index aimed to encourage countries to implement business-friendly reforms. However, the World Bank discontinued this index in September 2021 following investigations that revealed data irregularities and ethical concerns in the 2018 and 2020 reports.
‘Global Financial Stability Report’ is prepared by the -
Detailed Explanation:
Answer: Option 2 — International Monetary Fund
The Global Financial Stability Report (GFSR) is a flagship publication of the International Monetary Fund (IMF), released twice a year in April and October. It assesses the stability of global financial markets, identifies vulnerabilities and emerging risks in the financial system, and provides policy recommendations to enhance financial stability. The report covers topics such as banking sector health, capital flows, sovereign debt, and systemic risks.
With reference to the ‘Trans-Pacific Partnership’, consider the following statements:
- It is an agreement among all the Pacific Rim countries except China and Russia.
- It is a strategic alliance for the purpose of maritime security only.
Which of the statements given above is/are correct?
Detailed Explanation:
Answer: Option 4 — Neither 1 nor 2
❌ Statement 1 – Incorrect: The Trans-Pacific Partnership (TPP) was not an agreement among all Pacific Rim countries. It was signed by only 12 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam, and the United States. Many other Pacific Rim countries such as South Korea, Indonesia, Colombia, Thailand, Philippines, Russia, and China were not part of this agreement.
❌ Statement 2 – Incorrect: The TPP was a comprehensive free trade agreement aimed at reducing trade barriers, promoting economic integration, and establishing common standards for intellectual property, labor rights, and environmental protection. It was not a strategic alliance for maritime security. After the U.S. withdrawal in 2017, the remaining 11 members formed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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With reference to the International Monetary and Financial Committee (IMFC), consider the following statements:
- IMFC discusses matters of concern affecting the global economy and advises the International Monetary Fund (IMF) on the direction of its work.
- The World Bank participates as an observer in IMFC’s meetings.
Which of the statements given above is/are correct?
Detailed Explanation:
Answer: Option 3 — Both 1 and 2
✅ Statement 1 – Correct: The International Monetary and Financial Committee (IMFC) is a key advisory body that discusses matters of concern affecting the global economy and advises the IMF on the direction of its work. It comprises 24 IMF governors (typically finance ministers or central bank governors) and meets twice a year to provide strategic guidance on the international monetary and financial system.
✅ Statement 2 – Correct: The World Bank participates as an observer in IMFC meetings. This observer status facilitates coordination between the two Bretton Woods institutions on issues of mutual interest such as global economic stability, development finance, and poverty reduction. Other observers include representatives from various international organizations.
Which one of the following issues the “Global Economic Prospects” report periodically?
Detailed Explanation:
The World Bank publishes the Global Economic Prospects (GEP) report twice a year (January and June).
The report examines global economic developments and provides growth forecasts for emerging market and developing economies (EMDEs).
The terms ‘Agreement on Agriculture’, ‘Agreement on the Application of Sanitary and Phytosanitary Measures’ and ‘Peace Clause’ appear in the news frequently in the context of the affairs of the:
Detailed Explanation:
Agreement on Agriculture (AoA), Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement), and Peace Clause are all key agreements/provisions under the World Trade Organization (WTO).
AoA regulates international agricultural trade and subsidies; SPS Agreement sets standards for food safety and plant/animal health in trade; Peace Clause protects developing countries from legal challenges on certain agricultural subsidies provided they meet specified conditions.
Which of the following organizations brings out the publication known as ‘World Economic Outlook’?
Detailed Explanation:
World Economic Outlook (WEO) is a flagship report published by the International Monetary Fund (IMF) twice a year in April and October, providing comprehensive analysis of global economic developments and growth projections.
Other key IMF reports include the Global Financial Stability Report and the Fiscal Monitor.
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