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When was the transformation of the General Agreement for Tariffs and Trade (GATT) into the World Trade Organization (WTO) officially completed?
  • a)
    1985
  • b)
    1994
  • c)
    2000
  • d)
    1972
Correct answer is option 'B'. Can you explain this answer?
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When was the transformation of the General Agreement for Tariffs and T...
 
In 1994, member countries decided to set up a permanent institution for promoting free and fair trade, leading to the transformation of GATT into the World Trade Organization (WTO). Therefore, the correct answer is B) 1994.
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Direction: Read the case study given below and answer the questions that follow:In 1948, to liberalise the world from high customs tariffs and various other types of restrictions, General Agreement for Tariffs and Trade (GATT) was formed by some countries. In 1994, it was decided by the member countries to set up a permanent institution for looking after the promotion of free and fair trade amongst nation and the GATT was transformed in to the World Trade Organisation from 1st January 1995. WTO is the only international organisation dealing with the global rules of trade between nations. It sets the rules for the global trading system and resolves disputes between its member nations. WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual rights. The WTO has however been criticised and opposed by those who are worried about the effects of free trade and economic globalisation. It is argued that free trade does not make ordinary people’s lives more prosperous. It is actually widening the gulf between rich and poor by making rich countries more rich. This is because the influential nations in the WTO focus on their own commercial interests. Moreover, many developed countries have not fully opened their markets to products from developing countries. It is also argued that issues of health, worker’s rights, child labour and environment are ignored.When will GATT come into effect?

Direction: Read the case study given below and answer the questions that follow:In 1948, to liberalise the world from high customs tariffs and various other types of restrictions, General Agreement for Tariffs and Trade (GATT) was formed by some countries. In 1994, it was decided by the member countries to set up a permanent institution for looking after the promotion of free and fair trade amongst nation and the GATT was transformed in to the World Trade Organisation from 1st January 1995. WTO is the only international organisation dealing with the global rules of trade between nations. It sets the rules for the global trading system and resolves disputes between its member nations. WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual rights. The WTO has however been criticised and opposed by those who are worried about the effects of free trade and economic globalisation. It is argued that free trade does not make ordinary people’s lives more prosperous. It is actually widening the gulf between rich and poor by making rich countries more rich. This is because the influential nations in the WTO focus on their own commercial interests. Moreover, many developed countries have not fully opened their markets to products from developing countries. It is also argued that issues of health, worker’s rights, child labour and environment are ignored.Why was GATT abolished?

Read the following case and answer the questions that follows:International Organizations (IOs) are formal institutional structures transcending national boundaries which are created by multilateral agreement among nation-states. Their purpose is to foster international cooperation in areas such as: security, law, economic, social matters and diplomacy. IOs are subdivided between Intergovernmental Organizations (IGOs) and Non-Governmental Organizations (NGOs); Intergovernmental Organizations are entities created with sufficient organizational structure and autonomy to provide formal, ongoing, multilateral processes of decision making between states, along with the capacity to execute the collective of their member (states). NGOs are non-state voluntary organizations formed by individuals to achieve a common purpose, often oriented beyond themselves or to the public good. The development and expansion of these large representative bodies date back to the end of the World War II, where there was a need for world reconstruction through International Relations. Since then, there has been an incremental rise of organizations that work on different socio-political and economic aspects with various and specific aims in approaching states, societies, groups and individuals. Based on these key definitions, it is an attempt to explain how important are IOs and the extent to which they have an impact on global politics and international relations through an analysis of two main IR scholar theories namely Realism and Liberalism. Moreover, to understand the impact of IOs, these theories will be explored and analysed through contexts of different and conflicting realist and liberalists thinkers upon their view on these institutional structures. It will also distinguish and compare the two theories and determine which is more relevant to the contemporary world international relations.Q. What is the purpose of International Organisations?

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When was the transformation of the General Agreement for Tariffs and Trade (GATT) into the World Trade Organization (WTO) officially completed?a)1985b)1994c)2000d)1972Correct answer is option 'B'. Can you explain this answer?
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