Which of the following is incorrect in the context of International Trade?

Both GATT and WTO are the only international organisations dealing with the global rules of trade between nations.

The correct answer is Option 3: Both GATT and WTO are the only international organisations dealing with the global rules of trade between nations.

Option 1: In 1948, to liberalise the world from high customs tariffs and various other types of restrictions, GATT was formed by some countries. This statement is correct.

Option 2: World Trade Organisation came into effect from 1st January 1995. This statement is also correct.

Option 3: Both GATT and WTO are the only international organisations dealing with the global rules of trade between nations. This statement is incorrect because GATT was replaced by the WTO in 1995. Thus, WTO is the only international organisation dealing with the global rules of trade between nations.

NCERT: "In1948, to liberalise the world from high customs tariffs and various other types of restrictions, General Agreement for Tariffs and Trade (GATT) was formed by some countries. In 1994, it was decided by the member countries to set up a permanent institution for looking after the promotion of free and fair trade amongst nation and the GATT was transformed into the World Trade Organisation from 1st January 1995. WTO is the only international organisation dealing with the global rules of trade between nations. It sets the rules for the global trading system and resolves disputes between its member nations. WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual rights."