Teaching DSSSB PGT Mock Test 2025 General Knowledge Economy External Sector and Currency Exchange rate
Which of the following statement about the Most Favoured Nation (MFN) under the WTO agreement is correct?
1
It is a prefential treatment given to a friendly nation
2
Countries can normally discriminate between their trading partners, Grant someone a special favour (such as a lower customs duty rate for one of their products)
3
MFN means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners
4
There is requirement under MFN that the trade concession be reciprocal