When was the World Trade Organisation founded?

Question

Question

This question was previously asked in

OSSC TGT Official Paper (Held On: 10 Mar, 2023 Shift 3)

Answer 1

The correct answer is 1995.

Key Points

The World Trade Organisation (WTO) was officially established on January 1, 1995.
It replaced the General Agreement on Tariffs and Trade (GATT), which was established in 1948.
The WTO is headquartered in Geneva, Switzerland.
It is the only global international organization dealing with the rules of trade between nations.

Important Points

The WTO aims to ensure that trade flows as smoothly, predictably, and freely as possible.
It provides a forum for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements.
The WTO has 164 member countries as of October 2023.
Its primary purpose is to open trade for the benefit of all.