✅ Answer: B) January 1, 1995WTO was established on January 1, 1995, replacing GATT (General Agreement on Tariffs and Trade, 1947). India was a founding member. WTO is headquartered in Geneva, Switzerland and has 164 member countries.

✅ Answer: B) Trade-Related Intellectual Property RightsTRIPS (Trade-Related Intellectual Property Rights) is a WTO agreement that sets minimum standards for intellectual property protection — patents, copyrights, trademarks. India negotiated compulsory licensing provisions under TRIPS to produce affordable generic medicines, making India the “pharmacy of the world.”

✅ Answer: B) Bretton Woods Conference (1944)Both IMF and World Bank were established at the Bretton Woods Conference in 1944 in New Hampshire, USA. They are called “Bretton Woods Institutions” or “twin sisters.” Both are headquartered in Washington D.C., USA.

✅ Answer: B) IMFSDR (Special Drawing Rights) is an international reserve asset created by IMF. It is not a currency but a claim on freely usable currencies. SDR value is based on a basket of 5 currencies: USD, Euro, Chinese Yuan, Japanese Yen, and British Pound.

✅ Answer: B) Shanghai, ChinaThe New Development Bank (NDB) of BRICS is headquartered in Shanghai, China. It was established in 2015 with initial capital of $50 billion. India’s K.V. Kamath was the first President. NDB funds infrastructure and sustainable development projects in BRICS countries.

✅ Answer: B) Vasudhaiva KutumbakamIndia’s G20 presidency theme was “Vasudhaiva Kutumbakam — One Earth, One Family, One Future” (from Maha Upanishad). The G20 Summit was held in New Delhi on September 9-10, 2023. India successfully got the African Union admitted as a permanent G20 member.

✅ Answer: B) Reserve Bank of India (RBI)India’s foreign exchange reserves are managed by the Reserve Bank of India (RBI). India’s forex reserves are ~$600 billion (2023) — 4th largest in the world. They consist of Foreign Currency Assets (largest component), Gold, SDRs, and Reserve Tranche Position in IMF.

✅ Answer: B) David RicardoThe Theory of Comparative Advantage was developed by David Ricardo in 1817. It states that countries should specialise in producing goods where they have a lower opportunity cost — even if one country is better at producing everything. This is the foundation of free trade theory.

✅ Answer: C) 2019India withdrew from RCEP in November 2019 at the Bangkok Summit. India’s concerns: (1) Flood of cheap Chinese goods, (2) Threat to domestic manufacturing and agriculture, (3) Inadequate protection for India’s services sector. RCEP was signed by 15 countries in 2020 without India.

✅ Answer: B) IDA (International Development Association)IDA (International Development Association) is the concessional lending arm of the World Bank for the world’s poorest countries. IDA provides interest-free loans and grants. IBRD lends to middle-income countries at market rates. IFC supports private sector investment. MIGA provides political risk insurance.