The correct answer is C. 1995.
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. It came into existence on 1 January 1995, replacing the General Agreement on Tariffs and Trade (GATT), which had been in operation since 1948.
The WTO’s main functions are to:
- Administer the rules of international trade
- Negotiate trade agreements
- Provide a forum for resolving trade disputes
- Monitor national trade policies
- Promote trade liberalization
The WTO has 164 member countries, accounting for over 98% of world trade. Its headquarters are located in Geneva, Switzerland.
The WTO’s predecessor, the GATT, was established in 1947 after World War II. The GATT was a multilateral agreement that aimed to reduce tariffs and other trade barriers. It was successful in reducing tariffs, but it did not have the power to enforce its rules.
The WTO was created in 1995 to replace the GATT. The WTO has a more powerful dispute settlement system than the GATT, and it is able to enforce its rules. The WTO has also negotiated several trade agreements since its creation, including the General Agreement on Trade in Services (GATS) and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).
The WTO has been criticized for being too bureaucratic and for not doing enough to promote trade liberalization. However, the WTO has also been praised for its role in reducing tariffs and other trade barriers. The WTO is an important organization in the global economy, and it plays a significant role in regulating and facilitating international trade.
The other options are incorrect because:
- A. 1977 is the year in which the United Nations Conference on Trade and Development (UNCTAD) was established.
- B. 1985 is the year in which the Uruguay Round of multilateral trade negotiations was launched.
- D. 1950 is the year in which the General Agreement on Tariffs and Trade (GATT) was signed.