GENERAL KNOWLEDGE

Detailed explanation-1: -The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War.

Detailed explanation-2: -World Trade Organisation (WTO) Question 12 Detailed Solution It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948.

Detailed explanation-3: -Why is WTO better than GATT? (1) The WTO covers services and intellectual property. (2)The WTO dispute settlement system is faster, more automatic than the old GATT system. (3)Its rulings cannot be blocked.

Detailed explanation-4: -Despite its institutional deficiencies, the GATT managed to function as a de facto international organization, sponsoring eight rounds of multilateral trade negotiations. The Uruguay Round, conducted from 1987 to 1994, culminated in the Marrakesh Agreement, which established the World Trade Organization (WTO).