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Consider the following statements regarding World Trade Organization (WTO).
  1. World Trade Organization (WTO) officially commenced operations on 1 January 1995, under the Marrakesh Agreement.
  2. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.
  3. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.
How many of the above statements is/are correct?
  • a)
    Only one 
  • b)
    Only two 
  • c)
    All three 
  • d)
    None
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding World Trade Organization (...
Statement 3 is incorrect.
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.
World Trade Organization, as an institution, was established in 1995. It replaced General Agreement on Trade and Tariffs (GATT) which was in place since 1946.
  • The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994.
  • India has been a member of GATT since 1948; hence it was party to Uruguay Round and a founding member of WTO.
  • While WTO came in to existence in 1995, GATT didn’t cease to exist. It continues as WTO’s umbrella treaty for trade in goods.
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Consider the following statements regarding World Trade Organization (WTO). World Trade Organization (WTO) officially commenced operations on 1 January 1995, under the Marrakesh Agreement. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding World Trade Organization (WTO). World Trade Organization (WTO) officially commenced operations on 1 January 1995, under the Marrakesh Agreement. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding World Trade Organization (WTO). World Trade Organization (WTO) officially commenced operations on 1 January 1995, under the Marrakesh Agreement. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding World Trade Organization (WTO). World Trade Organization (WTO) officially commenced operations on 1 January 1995, under the Marrakesh Agreement. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. After WTO came in to existence, General Agreement on Trade and Tariffs (GATT) ceased to exist.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?.
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