Globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. 

The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT). What was the objective of World Trade organisation?

To establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.

The correct answer is option 1: Establish rules to ensure optimum utilisation of resources

Option 1: "To establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.". This is correct. WTO is expected to establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.

Option 2: "Ensure opening of markets by developed countries to developing countries" . This is not correct.  While the WTO does advocate for open markets and fair trade practices, specifically targeting developed countries to open their markets to developing countries is not explicitly one of its objectives.

Option 3: "To ensure that multilateral forums are formed for bargaining". This is not correct. This statement doesn't accurately reflect a specific objective of the WTO. While the WTO does provide a forum for negotiations and dispute resolution among member countries, its primary objective is to facilitate international trade, rather than ensuring the formation of multilateral forums for bargaining.

"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. WTO is expected to establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade. 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."