Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Liberalisation, Privatisation and Globalisation - An Appraisal

Question:

The predecessor organisation to World Trade Organisation was _________.

Options:

International Bank for Reconstruction and Development (IBRD)

International Monetary Fund (IMF)

Reserve Bank of India (RBI)

General Agreement on Tariffs and Trade (GATT)

Correct Answer:

General Agreement on Tariffs and Trade (GATT)

Explanation:

The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT). GATT was established in 1948 with 23 countries 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.