In which year WTO was formed?a)1995b)1996c)1998d)2000Correct answer is option 'A'. Can you explain this answer?

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In which year WTO was formed?

a)
1995
b)
1996
c)
1998
d)
2000

Correct answer is option 'A'. Can you explain this answer?

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In which year WTO was formed?a)1995b)1996c)1998d)2000Correct answer is...

The World Trade Organization (WTO) was formed in the year 1995.

Background:
The formation of the WTO can be traced back to the aftermath of World War II when international trade was in disarray. In 1947, the General Agreement on Tariffs and Trade (GATT) was established as an interim measure to promote international trade and reduce tariffs. GATT focused on negotiating trade agreements and resolving disputes among member countries.

Formation of the WTO:
The formation of the WTO was a result of the Uruguay Round of negotiations. The Uruguay Round, which began in 1986 and lasted for seven years, aimed to further liberalize and regulate international trade. Its main objective was to create a new global trade organization to replace the GATT.

Key Points:
The formation of the WTO in 1995 marked a significant milestone in international trade. Here are some key points about the formation of the WTO:

1. Treaty of Marrakesh: The final agreement establishing the WTO was signed on April 15, 1994, in Marrakesh, Morocco. This agreement is known as the Marrakesh Agreement.

2. Role of GATT: The WTO was built upon the foundations of GATT, incorporating and expanding upon its principles and rules. GATT was effectively transformed into the WTO, with its agreements becoming integral parts of the new organization.

3. Expanded Scope: The WTO broadened its scope beyond the traditional GATT focus on goods to include trade in services and intellectual property rights. This expansion reflected the changing nature of global trade.

4. Dispute Settlement Mechanism: The WTO introduced a more robust and structured dispute settlement mechanism to resolve trade disputes between member countries. This mechanism aimed to ensure fair and timely resolution of conflicts, enhancing the stability and predictability of the international trading system.

5. Membership: The WTO started with 123 member countries upon its formation in 1995. Over the years, the number of members has grown, currently standing at 164 countries.

Conclusion:
The World Trade Organization (WTO) was formed in 1995 as a successor to GATT. Its establishment marked a significant step in international trade, promoting global economic cooperation, and providing a platform for negotiating trade agreements and resolving disputes among member countries.

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