The General Agreement on Tariffs and Trade (GATT) was transformed into the World Trade Organization in __________.
Fill in the blank with the correct option.
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → 1995
The decision was taken in 1994, and the WTO came into being on 1 January 1995.
Note: A similar question was also asked in CUET (UG) 2023 on 06-06-2023 (Slot 1).
NCERT (2026-27): “World Trade Organisation … In 1948, 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.” |