Foreign Trade in Business Environment And International Business : Practice MCQ Questions & Answers with Explanations

The correct answer is C: Both Statement I and Statement II.

India's foreign trade policy is designed to promote exports and regulate imports to strengthen the economy. The DGFT, under the Ministry of Commerce and Industry, is the apex body responsible for formulating and implementing the foreign trade policy in India.

The correct answer is B: World Trade Organization (WTO).

The WTO is the only global international organization dealing with the rules of trade between nations. It aims to ensure that trade flows as smoothly, predictably, and freely as possible. The WTO was established in 1995, replacing the General Agreement on Tariffs and Trade (GATT).