What is the meaning of the following traffic sign?

1. Follow the direction of the white arrow. Traffic in the opposite direction is prohibited.
2. Correct answer: You have right of way over on-coming traffic
3. Driving backwards is prohibited.
4. Give right-of-way in a narrow road to incoming traffic from the opposite direction.

WhyThe white arrow pointing your way is bigger than the red one: this is 305, meaning you have priority over oncoming traffic on the narrow section. When it is the other way round, you give way.