Identify the functions of World Trade Organisation.

A. It is the only international organisation dealing with global rules of trade between nations.
B. It sets the rule for the global trading system
C. It resolves disputes between its member nations
D. It does not covers trade in services, such as telecommunication and banking.

Choose the correct answer from the options given below:

A, B, C only

The correct answer is Option (4) → A, B, C only.

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 (A). It sets the rules for the global trading system (B) and resolves disputes between its member nations (C). WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual rights. (Statement D is wrong)