Identify the statements about World Trade organisation carefully.

A. It was transformed from General Agreement for Tariffs and Trade
B. It is the only international organisation dealing with the global rules of trade
C. It resolves disputes between its member nations
D. It is bridging the gap between rich and poor nations

Choose the correct answer from the options given below:

A, B, C only

The correct answer is Option (1) → A, B, C only

(A) It was transformed from General Agreement for Tariffs and Trade (GATT) – Correct. The World Trade Organization (WTO) was established in 1995 as a successor to GATT, which had governed international trade since 1948.

(B) It is the only international organisation dealing with the global rules of trade – Correct. WTO is the only global international organization that deals with the rules of trade between nations.

(C) It resolves disputes between its member nations – Correct. One of the key functions of WTO is to settle trade disputes .

(D) It is bridging the gap between rich and poor nations – Incorrect. This is an aspirational goal, but critics argue that WTO has not effectively bridged the economic gap between rich and poor nations. In fact, some claim it has favoured developed countries in trade negotiations.