11 March : Daily Current Affairs Quiz

Answer: Option D - Global trade in goods

Explanation:

• The General Agreement on Tariffs and Trade (GATT) was established in 1947 to promote international trade by reducing tariffs and other trade barriers.
• It served as the foundation for global trade rules before being replaced by the World Trade Organization (WTO) in 1995.
• Unlike institutions like the IMF and World Bank, which focus on finance, GATT specifically regulated trade in goods to encourage free and fair trade globally.

Answer: Option B - World Trade Organization (WTO) and United Nations Conference on Trade and Development (UNCTAD)

Explanation:

• The Most Favored Nation (MFN) principle is a fundamental rule of the World Trade Organization (WTO) that ensures non-discriminatory trade practices among member countries.
• It mandates that any trade advantage granted to one WTO member must be extended to all others.
• UNCTAD also discusses MFN in trade policies, particularly for developing nations.
• The IMF and World Bank primarily deal with financial stability and development funding, not trade rules.

Answer: Option A - Badaga – Tamil Nadu

Explanation:

• The Jadayaswamy festival is celebrated by the Badaga community in the Nilgiris district of Tamil Nadu, particularly in Jackanarai village near Kotagiri.
• This annual festival involves participation from eight villages and is significant in Badaga cultural traditions.
• The Badagas are an indigenous community known for their unique customs, language, and heritage, contributing to the rich cultural diversity of Tamil Nadu's tribal and rural landscape.

Answer: Option A - Indonesia and Malaysia

Explanation:

• India imports the majority of its palm oil from Indonesia and Malaysia, which are the world's top producers.
• Indonesia is the largest supplier, followed by Malaysia. These countries benefit from favorable climatic conditions and large-scale plantations.
• India relies on palm oil for its edible oil demand due to its cost-effectiveness.
• Other countries like Thailand export small quantities, but Indonesia and Malaysia dominate the Indian market.

Answer: Option D -  Maritime Shipping

Explanation:

• The Bills of Lading Bill, 2025 modernizes India's maritime shipping laws by replacing the colonial-era Indian Bills of Lading Act, 1856.
• It simplifies language, aligns with global trade standards, and streamlines shipping processes, reducing legal complexities and disputes.
• By renaming the law and empowering the government for better implementation, it aims to enhance India’s role in global trade and foster a business-friendly shipping environment.