Which among the following statement is not correct about WTO?

GATT was established in 1948 with 29 countries

The correct answer is option (3) : GATT was established in 1948 with 29 countries

The WTO was founded in 1995 (2) as the successor organisation to the General Agreement on Trade and Tariff (GATT) (1). GATT was established in 1948 with 23 countries (statement 3 is wrong) as the global trade organisation to administer all multilateral trade agreements by providing equal opportunities to all countries in the international market for trading purposes. WTO is expected to establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade (4). In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment. The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through removal of tariff as well as non-tariff barriers and providing greater market access to all member countries.