With reference to the WTO Agreement on Import Licensing Procedures, consider the following statements:1.As per Agreement on Import Licensing Procedures, all WTO members are required to notify their laws, rules and procedures on import licensing as well as changes to these regulations.2.It sets out specific rules regarding the application and administration of import licenses, including provisions for timely processing, notification, and review.Select the correct statement using the codes given below:

Q. With reference to the WTO Agreement on Import Licensing Procedures, consider the following statements:
1.As per Agreement on Import Licensing Procedures, all WTO members are required to notify their laws, rules and procedures on import licensing as well as changes to these regulations.
2.It sets out specific rules regarding the application and administration of import licenses, including provisions for timely processing, notification, and review.
Select the correct statement using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C

Notes:

Explanation –

Statements 1 and 2 are correct. As per Agreement on Import Licensing Procedures, all WTO members are required to notify their laws, rules and procedures on import licensing as well as changes to these regulations. It sets out specific rules regarding the application and administration of import licenses, including provisions for timely processing, notification, and review.

Source: ForumIAS

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