(i) The Disputes Settlement Body puts an end to procedural delays.
(ii) It is mandatory to settle any dispute within 18 months.
(iii) The disputes are resolved through multilateral trading system.

(i) Multi fibre agreement governed the world trade in textiles and garments since 1974.
(ii) It imposed quotas on export of textiles by developing nations to the developed countries.
(iii) This quota system was to be phased out over a period of ten years. This was beneficial to India.

i) Establishment of monetary reserve fund
ii) Monetary discipline and cooperation
iii) Special interest in the problems of UDCs

Under the supplementary financing facility, the IMF makes temporary arrangements to provide supplementary financial assistance to member countries facing payments problems relating to their present quota sizes.

i) Structural adjustment facility provides additional balance of payments assistance on concessional terms.
ii) It is provided to the poorer member nations to undertake strong macro economic and structural programmer.

The main achievements of IMF are,
i) Establishment of Monetary reserve fund.
ii) Monetary discipline and cooperation.

i) IMF promote International Monetary Co-operation among the member nations.
ii) It facilitate faster and balanced growth of international trade.

John Maynard Keynes and Harry Dexter White were the intellectual founding fathers of IMF and World Bank.

(i) International Development Association (IDA, 1960)
(ii) International Finance Corporation (IFC, 1956)
(iii) Multilateral Investment Guarantee Agency (MIGA, 1958)
(iv) International Centre for Settlement of Investment Disputes (ICSID, 1966)

The SAARC Secretariat was established in Kathmandu (Nepal) on 16^th January 1987.

(i) Free trade area is the region around a trade bloc whose member countries have signed a free-trade agreement.
(ii) Such agreements involve cooperation between at least two countries to reduce trade barriers. e.g. SAFTA, EFTA.

(i) Common market is established through trade pacts.
(ii)  A group formed by countries within a geographical area to promote duty free trade and free movement of labour and capital among its members.

1. Loans out of its own fund.
2. Loans out of borrowed capital and
3. Loans through Bank's guarantee.

(i) To accelerate the economic growth, social progress and cultural development in the region.
(ii) To promote regional peace and stability and adherence to the principles of the UN Charter.

(i) Also called 'Paper Gold', SDR is a form of international reserves created by the IMF in 1969 to solve the problem of international liquidity.
(ii) They are allocated to IMF members in proportion to their quotas.
(iii) It is used as a means of payment to meet balance of payments deficits.