Which organization preceded the WTO?
Show answer & explanation
Correct answer: C
Explanation
Correct Answer
GATT (General Agreement on Tariffs and Trade)
Explanation
The World Trade Organization (WTO) was established in 1995. Before the WTO, international trade rules were governed by the General Agreement on Tariffs and Trade (GATT). The WTO was created to replace GATT and provide a more structured and permanent institutional framework for global trade regulation.
Key Points
• GATT was established in 1947.
• WTO was established in 1995.
• WTO replaced GATT.
• Both aim to promote global trade.
Additional Facts
• GATT was a provisional agreement, while WTO is a permanent organization.
• WTO headquarters is in Geneva, Switzerland.
• WTO also handles trade dispute settlement.
Important Questions
Q: When was WTO established?
Ans: 1995
Q: When was GATT established?
Ans: 1947