Which of the following statement is true in the context of WTO?

1. Developing countries feel cheated as they are forced to open up their markets for developed countries but are not allowed access to the markets of developed countries.
2. The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through imposition of tariff as well as non-tariff barriers and providing greater market access to all member countries.
3. The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT).

1 and 3

The correct answer is Option 4: 1 and 3

Here’s a breakdown of the statements regarding the World Trade Organization (WTO):

1. Developing countries feel cheated as they are forced to open up their markets for developed countries but are not allowed access to the markets of developed countries. This statement is true and reflects a common criticism from developing countries, as they often feel that the trade policies and agreements disproportionately benefit developed countries.

2. The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through imposition of tariff as well as non-tariff barriers and providing greater market access to all member countries. This statement is false as the WTO aims to reduce barriers to trade, including tariffs and non-tariff barriers, and to facilitate market access rather than imposing barriers.

3. The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT). This statement is correct. The WTO was established in 1995 and succeeded the General Agreement on Tariffs and Trade (GATT).