Which statement about the World Trade Organisation is correct?

A) It sets the rules for global trade.
B) This organisation was set up in 1990.
C) It is the successor to the General Agreement on Trade and Tariffs (GATT).
D) It has 164 members (as of 29 July 2016).
E) All decisions are taken unanimously by the underdeveloped countries majorly.

Choose the correct answer from the given options:

A, C and D

The correct answer is Option 2 - A, C and D

Statement about the World Trade Organisation:

A) It sets the rules for global trade. (correct)
B) This organisation was set up in 1990. (incorrect)
C) It is the successor to the General Agreement on Trade and Tariffs (GATT). (correct)
D) It has 164 members (as of 29 July 2016). (correct)
E) All decisions are taken unanimously by the underdeveloped countries majorly. (incorrect)

Correction in the incorrect statements:

B) This organisation was set up in 1995.

E) All decisions are taken unanimously but the major economic powers such as the US, EU and Japan have managed to use the WTO to frame rules of trade to advance their own interests.

The World Trade Organisation:

The World Trade Organisation ( WTO ) is an international organisation which sets the rules for global trade. This organisation was set up in 1995 as the successor to the General Agreement on Trade and Tariffs (GATT) created after the Second World War. It has 164 members (as on 29 July 2016). All decisions are taken unanimously but the major economic powers such as the US, EU and Japan have managed to use the WTO to frame rules of trade to advance their own interests. The developing countries often complain of non-transparent procedures and being pushed around by big powers.