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Glossary Terms
| Term (EN) | Definition | Exam Relevance |
|---|---|---|
| WTO | World Trade Organization — 166-member body governing international trade rules since 1995 | Core institution |
| GATT | General Agreement on Tariffs and Trade (1947) — WTO predecessor; 8 negotiating rounds | WTO history |
| MFN Principle | Most Favoured Nation — trade concession to one member must apply to all | WTO core principle |
| National Treatment | Foreign goods treated no less favourably than domestic goods once in market | WTO principle |
| Doha Round | WTO multilateral trade negotiation launched 2001 Doha — stalled since 2008 | Trade negotiations |
| TFA | Trade Facilitation Agreement — 2017; simplifies customs; reduces trade costs 14.3% | WTO agreement |
| DSB | Dispute Settlement Body — WTO's judicial arm; Panels + Appellate Body | WTO adjudication |
| Appellate Body (AB) | WTO's 7-member appellate tribunal — dysfunctional (0/7 seats) since 2019 | AB crisis — key 2026 Q |
| MPIA | Multi-Party Interim Appeal Arbitration — 53 WTO members' AB alternative | AB crisis solution |
| TRIPS | Trade-Related Intellectual Property Rights — 20-year patent minimum; India's Section 3(d) | IP & medicines |
| GATS | General Agreement on Trade in Services — 4 modes; Mode 4 = movement of persons | India's IT exports |
| AoA | Agreement on Agriculture — disciplines subsidies, market access; India's food security battle | India-WTO food |
| Peace Clause | WTO protection for India's food security subsidies pending permanent MSP solution | India key interest |
| IMF | International Monetary Fund — 190 members; BoP support, surveillance, technical assistance | Core institution |
| SDR | Special Drawing Right — IMF reserve asset; basket of 5 currencies; 2021 $650B allocation | 5-mark PYQ topic |
| Article IV Consultation | IMF's annual economic health check for each member country | IMF surveillance |
| WEO | World Economic Outlook — IMF semi-annual global growth publication | Current affairs |
| IBRD | International Bank for Reconstruction and Development — World Bank's core lending arm | WB Group structure |
| IDA | International Development Association — World Bank's concessional arm for 74 poorest; India graduated 2014 | WB Group structure |
| IFC | International Finance Corporation — private sector arm of World Bank Group | WB private sector |
| MIGA | Multilateral Investment Guarantee Agency — political risk insurance for FDI | WB Group arm |
| AIIB | Asian Infrastructure Investment Bank (2016) — 109 members; China 26.6%; India 8.52% | China-led institution |
| NDB | New Development Bank (BRICS Bank, 2016) — 9 members; India $13B+ loans | BRICS institution |
| Bretton Woods | 1944 conference that created IMF and World Bank; established post-WWII monetary order | Historical context |
| Common Framework | G20 framework for sovereign debt restructuring for low-income distressed countries | Global debt crisis |