Which of the following was replaced by 'The World Trade Organization' (WTO)?

Options :
  1. ECOSOC
  2. IMF
  3. GATT
  4. IUOTO


Answer and Explanation :-

Answer: Option 3

Explanation:

The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade. The organization officially commenced on 1 January 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. The organization deals with regulation of trade between participating countries; it provides a framework for negotiating and formalizing trade agreements, and a dispute resolution process aimed at enforcing participant's adherence to WTO agreements, which are signed by representatives of member governments and ratified by their parliaments.

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