The correct answer is: C. 1st January 1995.
The World Trade Organization (WTO) is an international organization that deals with the rules of trade between nations. It was established on 1st January 1995, replacing the General Agreement on Tariffs and Trade (GATT). The WTO has 164 member countries, and its headquarters are in Geneva, Switzerland.
The WTO’s main functions are to:
- Administer the rules of trade between nations
- Settle trade disputes between members
- Promote trade liberalization
- Provide technical assistance to developing countries
The WTO’s rules are based on the principle of non-discrimination. This means that all WTO members must treat each other equally, and that they cannot discriminate against goods or services from other countries. The WTO’s rules also cover areas such as tariffs, quotas, subsidies, and intellectual property rights.
The WTO’s dispute settlement system is one of its most important features. This system allows countries to bring complaints against each other if they believe that another country has violated the WTO’s rules. The WTO’s dispute settlement system is binding, which means that countries must comply with the rulings of the WTO’s dispute settlement body.
The WTO has been criticized for being too slow to reform, and for not doing enough to help developing countries. However, the WTO remains an important institution in the global trading system.
The other options are incorrect because:
- Option A is the date that the Uruguay Round of GATT negotiations were completed.
- Option B is the date that the Marrakesh Agreement, which established the WTO, was signed.
- Option D is the date that the WTO’s first Ministerial Conference was held.