Q. Consider the following basic functions of WTO:

1. AoA (Agreement on Agriculture)
2. TRIMS (Agreement on Trade-Related Investment Measures)
3. TRIPS (Agreement on Trade-Related Aspects of Intellectual Property Rights)
4. GATS (General Agreement on Trade in Services)

Which of the above are correct?
Answer: 1, 2, 3 and 4
Notes: AoA is a crucial agreement within the WTO framework, aimed to establish a reliable and market-oriented agricultural trading system. TRIMS addresses measures affecting trade applied to foreign investors to ensure no unnecessary trade barriers. TRIPS is a significant agreement dealing with intellectual property rights (IPRs), aimed to strike a balance between promoting innovation and ensuring access to essential goods. GATS is another key agreement aimed to establish a framework for liberalization of trade in services among members, covering a wide range of services.

This question is part of UPSC Daily 20 MCQ Series Course on GKToday Android app.