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question of the day july 30

#Shreya had posted Vajiram's GS Papers. Some selected questions from that paper

In 50 words,

Special Safeguard Mechanism -

Effective Revenue Deficit -

De-Minimis Level of Subsidies -

Current Daily Status of Employment -

Non Agricultural Market Access -

Mode-IV Services under WTO -

Comments

  • Special Safeguards Mechanism - Is a mechanism under the WTO, where a country can impose certain restrictions on import to protect its domestic market. Note that this is to be the exception and not the norm. WTO envisages a boundary-less free trade zone.

    Can be evoked, to say protect local farmers, by increasing import duty on cheap agricultural imports, to protect local prices from falling down
  • Non- Agricultural Market Access covers non-agricultural manufactured goods under the WTO. It calls for market access to NAM goods, that fall outside the Agreement on Agriculture, by way of reduction of tariffs by member countries.
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