In which year was the World Trade Organization established?

1995

The correct answer is Option (2) - 1995

The World Trade Organization (WTO) was established in 1995 as an international organization aimed at regulating and facilitating international trade between nations. It replaced the General Agreement on Tariffs and Trade (GATT), which had been in place since 1948. The creation of the WTO marked a significant development in the global trading system, providing a more comprehensive framework for negotiating trade agreements and resolving disputes. The organization's primary objectives include promoting free and fair trade, reducing trade barriers such as tariffs and quotas, and ensuring that trade policies are transparent and predictable.

The WTO operates on the basis of agreements negotiated and signed by its member countries, covering various aspects of international trade, including goods, services, and intellectual property rights. It provides a forum for member countries to engage in trade negotiations, resolve disputes, and monitor each other's trade policies. Overall, the establishment of the WTO has had a profound impact on the global economy, shaping trade relations between nations and contributing to the growth of international commerce.