Choose the correct statements

A. WTO was founded in 1995
B. WTO is expected to establish a rule-based trading regime
C. WTO has 23 countries as its member
D. GATT was established in 1948
E. GATT had 23 member countries

Choose the correct answer from the options given below

A, B, D and E only

Only A, B, D and E are correct.

The WTO was founded in 1995 (A) as the successor organisation to the General Agreement on Trade and Tariff (GATT). GATT was established in 1948 (D) with 23 countries (E) as the global trade organisation to administer all multilateral trade agreements by providing equal opportunities to all countries in the international market for trading purposes. WTO is expected to establish a rule-based trading regime (B) in which nations cannot place arbitrary restrictions on trade. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment. The WTO agreements cover trade in goods as well as services to facilitate international trade (bilateral and multilateral) through removal of tariff as well as non-tariff barriers and providing greater market access to all member countries.