Give full forms of the following: 1) ICFTU : International Confederation of Free Trade Unions.

A new international trade union confederation came in to existence from 31/10/2006. The ICFTU is a confederation of 215 national trade union centres, representing 125 million trade union members in 145 countries and territories 2) SAARC : South Asean Association for Regional Co-operation-BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, PAKISTAN and SRI LANKA Objectives of SAARC: a) to promote the welfare of the peoples of SOUTH ASIA and to improve their quality of life;b) to accelerate economic growth, social progress and cultural development in the region and to provide all individuals the opportunity to live in dignity and to realise their full potentials;c) to promote and strengthen collective self-reliance among the countries of SOUTH ASIA; d) to contribute to mutual trust, understanding and appreciation of one another's problems;e) to promote active collaboration and mutual assistance in the economic, social, cultural, technical and scientific fields;f) to strengthen cooperation with other developing countries;g) to strengthen cooperation among themselves in international forums on matters of common interests; andh) to cooperate with international and regional organisations with similar aims and purposes. PRINCIPLES 1.Cooperation within the framework of the ASSOCIATION shall be based on respect for the principles of sovereign equality, territorial integrity, political independence, non-interference in the internal affairs of other States and mutual benefit. 2. Such cooperation shall not be a substitute for bilateral and multilateral cooperation but shall complement them. 3. Such cooperation shall not be inconsistent with bilateral and multilateral obligations. 3) UCP:- Unifrom Customs and practice for documentary Credits 4) TRIMS: The Agreement on Trade Related Investment Measures 5) FEDAI:-Foreign Exchange Dealers Association of India: FEDAI was set up in 1958 as an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers ADs) as a self regulatory body and is incorporated under Section 25 of The Companies Act, 1956. It's major activities include framing of rules governing the conduct of inter-bank foreign exchange business among banks vis-vis public and liaison with RBI for reforms and development of forex market. Presently some of the functions are as follows: Guidelines and Rules for Forex Business. Training of Bank Personnel in the areas of Foreign Exchange Business. Accreditation of Forex Brokers Advising/Assisting member banks in settling issues/matters in their dealings. Represent member banks on Government/Reserve Bank of India/Other Bodies. Announcement of daily and periodical rates to member banks.

Due to continuing integration of the global financial markets and increased pace of de-regulation, the role of self-regulatory organizations like FEDAI has also transformed. In such an environment, FEDAI plays a catalytic role for smooth functioning of the markets through closer co-ordination with the RBI, other organizations like FIMMDA, the Forex Association of India and various market participants. FEDAI also maximizes the benefits derived from synergies of

member banks through innovation in areas like new customized products, bench marking against international standards on accounting, market practices, risk management systems, etc. 6) 7) TRIPS: Trade Related Aspects of Intellectual Property Rights NRI: Non Resident Indian 8) SDR: Special Drawing Rights: Special drawing rights (SDRs) are part of supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). It is not a currency but artificial monetary unit created by IMF and represents a claim to currency held by IMF member countries for which they may be exchanged. SDRs can be exchanged for euros, Japanese yen, pounds sterling, or US dollars. It is a non-gold foreign exchange reserve assets. SDR was created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and the US dollar, the SDR's value is defined by a weighted currency basket of four major currencies: the Euro, the US dollar, the British pound, and the Japanese yen. SDRs are denoted with the currency code XDR. 9) FTZ: Free Trade Zone. A free trade zone (FTZ) or export processing zone (EPZ) is an area within which goods may be landed, handled, manufactured or reconfigured, and re-exported without the intervention of the customs authorities. However, goods are subject to custom duty when they enter domestic trade area. 10) LIBOR:-London Interbank Offer Rate. The Libor is the average interest rate that leading banks in London charge when lending to other banks. Banks borrow money for one day, one month, two months, six months, one year, etc., and they pay interest to their lenders based on certain rates. The Libor figure is an average of these rates. Many financial institutions, mortgage lenders and credit card agencies track the rate, which is produced daily at 11 a.m. to fix their own interest rates which are typically higher than the Libor rate. As such, it is a benchmark for finance all around the world. 11) FMCG: Fast Moving Consumer Goods 12) EFTA: The European Free Trade Association is a free trade organisation between four European countries that operates parallel to, and is linked to, the European Union (EU). EFTA was established on 3 May 1960 as a trade blocalternative for European states who were either unable to, or chose not to, join the then-European Economic Community (EEC) which has now become the EU. The Stockholm Convention, establishing EFTA, was signed on 4 January 1960 in Stockholm by seven countries. Today's EFTA members are Liechtenstein, Iceland, Norway, and Switzerlandthe latter two being founding members. The initial Stockholm Convention was superseded by the Vaduz Convention, which provides for the liberalisation of trade among the member states. 13) IMF: International Monetary Fund-The International Monetary Fund (IMF) is an

organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. The IMF promotes international monetary cooperation and exchange rate stability, facilitates the balanced growth of international trade, and provides resources to help members in balance of payments difficulties or to assist with poverty reduction. The IMF works with other international organizations to promote growth and poverty reduction. It also interacts with think tanks, civil society, and the media on a daily basis. Through its economic surveillance, the IMF keeps track of the economic health of its member countries,

alerting them to risks on the horizon and providing policy advice. It also lends to countries in difficulty, and provides technical assistance and training to help countries improve economic management. This work is backed by IMF research and statistics
14) WTO: World Trade Organisation. 15) FIPB: Foreign Investment Promotion Board: The government of India has set up a special Board known as the Foreign Investment Promotion Board. This specially empowered Board in the office of the Prime Minister, is the only agency dealing with matters relating to FDI as well as promoting investment into the country. It is chaired by Secretary Industry (Department of Industrial Policy & Promotion). Its objective is to promote FDI into India by undertaking investment promotion activities in India and abroad by facilitating investment in the country through international companies, non-resident Indians and other foreign investors. State the reasons whether following statements are true or false 1) 2) Political friendship results in the growth of bilateral or multilateral trade Every export-import transaction involves the foreign exchange. 3) Globalisation does not require interdependence and integration of individual countries of the world. 4) TNCs operate more on confederation principle. 5) Euro is a common currency of Asian countries. 6) Human dignity and respect is religious or spiritual but globally acceptable.