GK
WORLD ORGANISATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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South Asian Free Trade Association
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World Trade Organisation
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North American Free Trade Association
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None of these
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Detailed explanation-1: -Trade negotiations. 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: -The WTO is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947 in the expectation that it would soon be replaced by a specialized agency of the United Nations (UN) to be called the International Trade Organization (ITO).
Detailed explanation-3: -The WTO replaced GATT as an international organization, but the General Agreement still exists as the WTO’s umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations.
Detailed explanation-4: -The 128 countries that had signed GATT by 1994 On 1 January 1995, the WTO replaced GATT, which had been in existence since 1947, as the organization overseeing the multilateral trading system.