General Agreement for Tariffs and Trade (GATT) was transformed into the World Trade Organisation in _____.
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → 1995
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.