GENERAL KNOWLEDGE

Detailed explanation-1: -Since the WTO was established on 1 January 1995, seven countries have become WTO Members. These are: Ecuador, Estonia, Latvia, Kyrgyz Republic, Mongolia and Panama.

Detailed explanation-2: -Birth of the WTO The WTO’s creation on 1 January 1995 marked the biggest reform of international trade since the end of the Second World War. Whereas the GATT mainly dealt with trade in goods, the WTO and its agreements also cover trade in services and intellectual property.

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.