Question

WTO is serving as the successor to which of the following organizations?

• A. World Health Organization
• B. General Agreement on Trade and Tariffs
• C. UN Development Programme
• D. General Arrangement on Trade and Tariffs

Answer 1

The Correct Option is D

The World Trade Organization (WTO) serves as the successor to the General Agreement on Tariffs and Trade (GATT). The GATT was created in 1947 as part of the post-World War II efforts to promote economic recovery and international trade. It was meant to reduce tariffs and other trade barriers. 

In 1995, the WTO was established to replace GATT and to provide a more comprehensive framework for international trade regulations. The transition from GATT to WTO marked an expansion of scope to include not just goods trade but also trade in services and intellectual property. This change was crucial in adapting to the evolving global economy and increasing trade complexities.

Therefore, the correct answer is: General Agreement on Trade and Tariffs.

Answer 2

The World Trade Organization (WTO) was established in 1995 as the successor to the General Agreement on Tariffs and Trade (GATT). GATT was created after World War II to promote international trade by reducing tariffs and other trade barriers. The WTO expanded GATT’s mission to include services, intellectual property, and dispute settlement, making it a more comprehensive global trade organization.