Question

The WTO was set up in 1995 as the successor to which of the following organization?

• A. General Agreement on Trade and Tariffs (GATT)
• B. League of Nations
• C. United Nations
• D. Amnesty International

Hint:

The WTO was created in 1995 to replace GATT and to provide a more comprehensive and institutionalized framework for global trade.

Answer 1

The Correct Option is A

Step 1: Understanding the WTO
The World Trade Organization (WTO) was established in 1995 to regulate international trade and to provide a platform for negotiations. It serves as the successor to the General Agreement on Trade and Tariffs (GATT), which was in operation since 1948 and focused on reducing tariffs and promoting trade.
Step 2: Role of GATT
GATT was a multilateral agreement aimed at promoting international trade by reducing barriers such as tariffs. However, GATT lacked a proper institutional structure, and the WTO was created to provide a more robust and comprehensive framework for regulating global trade.
Step 3: Other options
- (B) League of Nations: The League of Nations was an international organization formed after World War I, which was replaced by the United Nations in 1945. It is not connected to the WTO. - (C) United Nations: The United Nations is an international organization focused on peace, security, and cooperation, not on trade. - (D) Amnesty International: Amnesty International is a non-governmental organization that works on human rights issues, not a trade-related body.
Step 4: Final Answer
Thus, the WTO was established as the successor to the General Agreement on Trade and Tariffs (GATT), making the correct answer Option (A).