The question asks which international organization replaced the General Agreement on Tariffs and Trade (GATT) in 1995. Let's analyze the options provided:
- WTO (World Trade Organization): The World Trade Organization, commonly known as WTO, was established in 1995 and effectively replaced the General Agreement on Tariffs and Trade (GATT). The WTO's primary role is to oversee and facilitate international trade rules, making it a key driver for globalization by promoting free trade among nations. Therefore, WTO is the correct answer.
- WHO (World Health Organization): The World Health Organization is responsible for global health issues but has no direct role in international trade agreements. It focuses on health policies and managing public health challenges, not replacing GATT.
- World Bank: The World Bank provides financial and technical assistance to developing countries for developmental projects (like education, health) that are expected to improve the economic prospects and quality of life for people. It does not govern trade agreements or replace GATT like the WTO.
- IMF (International Monetary Fund): The IMF primarily deals with global financial stability, offering financial advice, and monitoring exchange rates. It does not directly manage global trade agreements.
Thus, based on the explanation above, the correct answer is the WTO.
Important Questions from International Economic Organisations & India
- As per the latest trade agreement in Bali Ministerial Conference of WTO, India and other developing and under developed countries can launch food security programmes :
- Which of the following most suitably captures the meaning and essence of 'globalization'?
1. It is about conducting external relations between two or more States of the world
2. It is a process of coming together of world-wide social relations bypassing territories
3. It refers to thinking transterritorially about global risks affecting people
4. It has a wishful vision of suprastate governance
Select the correct answer using the code given below : With reference to the World Trade Organisation (WTO), consider the following statements :
I. Its headquarters are located in Geneva, Switzerland.
II. As of December 2024, it has 166 member countries.
III. India is a founding member of the organisation.
IV. It was established in 1945 along with the United Nations system.
Which of the statements given above are correct?
The basic foundation of global economic governance in the post second World War was laid by various institutional frameworks. Which of the following combinations is correct?
a) IMF, World Bank, GATT
b) IMF, World Bank, Asian Development Bank
c) World Bank, GATT, BRICS
d) Asian Development Bank, IMF, IBRD
Options:
- Which of the following countries had greater share than India in the global services export in 2023?
