Regional Trade Agreement Quiz

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Questions: 10 | Attempts: 76 | Updated: Aug 16, 2023

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Do you know about regional trading and its agreements? Try this regional trade agreement quiz to check your knowledge. Regional trading agreements basically refer to a treaty signed by countries to encourage the free movement of goods and services across the borders of their members. If you know this well, it will be easy for you to ace this quiz. All the best for a 100% score on this quiz. You can share this quiz with others also.

Questions and Answers

1.

Which of the following is not an observer country of the SAARC?
- A.
  
  Iran
- B.
  
  Canada
- C.
  
  USA
- D.
  
  China
Correct Answer
B. Canada

Explanation
Canada is not an observer country of the SAARC. The SAARC (South Asian Association for Regional Cooperation) is a regional intergovernmental organization comprising eight member countries in South Asia. Observer countries are non-member states that have expressed their interest in the activities of SAARC. Iran, USA, and China are observer countries of SAARC, but Canada is not.

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2.

Who is not a member of SAARC?
- A.
  
  Iran
- B.
  
  Sri Lanka
- C.
  
  Nepal
- D.
  
  Maldives
Correct Answer
A. Iran

Explanation
Iran is not a member of SAARC. SAARC, which stands for South Asian Association for Regional Cooperation, is an organization comprising eight member countries from South Asia. These member countries include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. Iran, although geographically close to South Asia, is not a member of SAARC.

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3.

Which of the following countries does not have a Free Trade Agreement (FTA) with India?
- A.
  
  Japan
- B.
  
  Thailand
- C.
  
  South Korea
- D.
  
  Brazil
Correct Answer
D. Brazil

Explanation
Brazil does not have a Free Trade Agreement (FTA) with India. The question asks for the country that does not have an FTA with India, and Brazil is the only option among the given countries that does not have an FTA with India.

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4.

SAARC nations observe the year 2016-2017 as
- A.
  
  Year of Cultural Heritage
- B.
  
  Year of Democracy and Development
- C.
  
  Year of 'Save the Earth'
- D.
  
  Year of Fight Against Terrorism
Correct Answer
A. Year of Cultural Heritage

Explanation
The correct answer is "Year of Cultural Heritage." This means that the SAARC nations have designated the year 2016-2017 as a time to focus on and celebrate their cultural heritage. This could involve promoting and preserving traditional art, music, dance, cuisine, and other aspects of their unique cultural identities. It may also involve organizing events, exhibitions, and workshops to raise awareness about the importance of cultural heritage and its role in fostering regional cooperation and understanding.

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5.

What is the full form of SAARC, established in 1985?
- A.
  
  Southern Asia Association of Regional Corporation
- B.
  
  South Asian Association for Regional Corporation
- C.
  
  Southern Asia Pacific Association of Regional Corporation
- D.
  
  Southern Asiatic Associate for Region and Corporation
Correct Answer
B. South Asian Association for Regional Corporation

Explanation
The correct answer is South Asian Association for Regional Corporation. SAARC is an organization established in 1985 to promote regional cooperation among South Asian countries. It aims to enhance economic and social progress in the region through collective efforts and collaboration.

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6.

Which country among the following is not a member of SAARC?
- A.
  
  India
- B.
  
  Bhutan
- C.
  
  Maldives
- D.
  
  Thailand
Correct Answer
D. Thailand

Explanation
Thailand is not a member of SAARC. SAARC stands for South Asian Association for Regional Cooperation, and it consists of 8 member countries from South Asia. Thailand is not located in South Asia; it is located in Southeast Asia. Therefore, it is not eligible to be a member of SAARC.

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7.

The South Asian University that was jointly established by the eight SAARC member states is at
- A.
  
  Islamabad
- B.
  
  Dhaka
- C.
  
  New Delhi
- D.
  
  Kathmandu
Correct Answer
C. New Delhi

Explanation
The South Asian University that was jointly established by the eight SAARC member states is located in New Delhi. SAARC stands for South Asian Association for Regional Cooperation, and the university was established to promote regional integration and cooperation among the member states. New Delhi, the capital city of India, was chosen as the location for the university due to its central location and accessibility for students from all member countries.

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8.

Where did the 17th SAARC (2011) conference held?
- A.
  
  Addu City
- B.
  
  New Delhi
- C.
  
  Colombo
- D.
  
  Dhaka
Correct Answer
A. Addu City

Explanation
The 17th SAARC conference in 2011 was held in Addu City.

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9.

To protect the domestic industries, India follows a regime of:
- A.
  
  Devaluing the Indian currency
- B.
  
  Quantitative restrictions on export
- C.
  
  Devaluing the foreign currency
- D.
  
  Quantitative restrictions on imports
Correct Answer
D. Quantitative restrictions on imports

Explanation
India follows a regime of quantitative restrictions on imports to protect its domestic industries. This means that the government imposes limits on the quantity of certain goods that can be imported into the country. By doing so, India aims to reduce competition from foreign products and support its own industries by creating a market for domestically produced goods. This measure helps to safeguard local businesses, promote economic growth, and create employment opportunities within the country.

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10.

Tax holiday relation to Free Trade Zone is not applicable if
- A.
  
  It is a startup
- B.
  
  The report in Form 56F is filed
- C.
  
  The sale proceeds are brought in convertible Foreign Exchange within 6 months from the end of the assessment year
- D.
  
  The business is not formed by the reconstruction of old business
Correct Answer
C. The sale proceeds are brought in convertible Foreign Exchange within 6 months from the end of the assessment year

Explanation
In order for a tax holiday to be applicable to a Free Trade Zone, the sale proceeds must not be brought in convertible Foreign Exchange within 6 months from the end of the assessment year. This means that if the business brings in the sale proceeds in a foreign currency that can be easily exchanged, within the specified time frame, they will not be eligible for the tax holiday.

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Current Version
Aug 16, 2023

Quiz Edited by
ProProfs Editorial Team
Nov 12, 2022

Quiz Created by
Sophia Smith

Regional trade Agreement Quiz

Which of the following is not an observer country of the SAARC?

Who is not a member of SAARC?

Which of the following countries does not have a Free Trade Agreement (FTA) with India?

SAARC nations observe the year 2016-2017 as

What is the full form of SAARC, established in 1985?

Which country among the following is not a member of SAARC?

The South Asian University that was jointly established by the eight SAARC member states is at

Where did the 17th SAARC (2011) conference held?

To protect the domestic industries, India follows a regime of:

Tax holiday relation to Free Trade Zone is not applicable if