Which of the following were the aims behind the setting up of the World Trade Organization (WTO)? I. Promotion of free trade and resource flows across countries. II. Protection of intellectual property rights. III. Managing balanced trade between different countries. IV. Promotion of trade between the former East Bloc countries and the western world. Select the correct answer by using the codes given below: Codes:

The correct answer is B because statements I and II directly align with the primary mandates of the World Trade Organization. The WTO was established in 1995 to facilitate the free flow of trade by reducing tariffs and non tariff barriers, which supports the promotion of free trade and resource flows. Additionally, the WTO includes the TRIPS Agreement, which specifically focuses on the protection and enforcement of intellectual property rights globally. Statement III is incorrect because the WTO provides a framework for trade rules and dispute settlement but does not manage or guarantee balanced trade between nations. Trade balances are determined by individual national economies and market forces. Statement IV is incorrect because, while the WTO promotes global trade, it was not specifically created for the purpose of integrating the former East Bloc with the West. That transition was a broader geopolitical process involving various international organizations.