UPSC Prelims 1996·GS1·economy·open economy

The emerging trading blocs in the world, such as NAFTA, ASEAN and the like, are expected to

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  1. Aact as constrictions in free trade across the world
  2. Bpromote free trade on the lines laid down by the WTO
  3. Cpermit transfer of technology between member countries
  4. Dpromote trade in agricultural commodities between countries of the North and SouthCorrect

Explanation

The correct answer is D because trading blocs like NAFTA and ASEAN are specifically designed to reduce trade barriers and enhance economic cooperation between member nations. While these blocs focus on overall trade, a significant goal in the context of North South relations which includes developed and developing nations is to facilitate the exchange of agricultural commodities and raw materials. By lowering tariffs and quotas within the bloc, these agreements encourage the flow of goods between countries at different stages of development, thereby integrating global supply chains and promoting trade in essential sectors like agriculture.

economy: The emerging trading blocs in the world, such as NAFTA, ASEAN and the like, are expected to
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