Current Affairs · International Trade Organizations

The World Trade Organization (WTO) operates on a consensus-based decision-making system and has a complex structure of Councils and Committees. Assess the following statements concerning the non-discrimination principles and the primary mechanisms for trade policy oversight: 1. The National Treatment principle mandates that once goods have entered a member's domestic market (after customs duties are paid), they must be treated no less favorably than domestically produced goods, applying specifically to internal taxes, laws, and regulations, with the primary objective being to prevent protectionism through domestic measures. 2. The Most-Favored-Nation (MFN) principle permits members to grant preferential trade treatment to goods from developing countries under the Enabling Clause of 1979 (which exempts the MFN rule) and allows for the formation of Free Trade Agreements (FTAs) and Customs Unions under Article XXIV of GATT, provided certain criteria regarding substantially all trade are met. 3. The Trade Policy Review Mechanism (TPRM) is a compulsory process for all members, where the trade policies and practices of the G4 members (EU, US, China, and Japan) are reviewed annually, whereas the smallest developing and least-developed country members are reviewed only once every ten years, thereby ensuring transparency and accountability. Which of the above statements are correct?