Under the WTO, the members have committed themselves to extend concessions made to one trading partner to all WTO members. How do members benefit from the MFN principle?
1. It ensures equal access to international markets
2. It allows imposing higher tariffs on the products to order to protect their industry
3. Countries can negotiate one multilateral agreement instead of several bilateral agreements
Which among the above is / are correct statements?

Answer: [C] Only 1 & 3

This question is a part of GKToday's Integrated IAS General Studies Module