Question

Which organisation did the WTO replace when it was established?

Options

• GATT (General Agreement on Tariffs and Trade)

• The International Monetary Fund (IMF)

• The United Nations Conference on Trade and Development (UNCTAD)

• The World Bank

Answer 1

The WTO is the successor to GATT, which had been in existence since 1948. On 1 January 1995, the WTO formally replaced GATT and took over the governance of international trade rules.