Consider the following statements about WTO:1. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.2. WTO replaced General Agreement on Trade and Tariffs (GATT) in 2005.Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A

Notes:

About World Trade Organization (WTO):

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations,
The overall objective of the WTO is to help its members use trade as a means to raise living standards, create jobs and improve people’s lives,
The WTO operates the global system of trade rules and helps developing countries build their trade capacity,
It also provides a forum for its members to negotiate trade agreements and to resolve the trade disputes,
WTO promotes open and free trade and supports the integration of developing countries into the international trading system,
WTO became operational from January 1, 1995 and replaced the earlier General Agreement on Trade and Tariffs (GATT) through the Marrakesh Agreement of 1994.

Source: EPIC October 2021