Question

Consider these statements regarding WTO:
• It succeeded the GATT in 1995.
• It is the only global organization dealing with the rules of trade between nations.
• Its headquarters are in New York. Which is/are CORRECT?

• A. 1 and 2
• B. 2 and 3
• C. 1 and 3
• D. Only 1

Hint:

\[ \mathrm{WTO} \] was established in: \[ 1995 \] with headquarters at: \[ \mathrm{Geneva,\ Switzerland} \]

Answer 1

The Correct Option is A

Step 1: Understanding the Concept:
The World Trade Organization (WTO) is an international body that sets rules for global trade and settles disputes between member nations.
Step 2: Detailed Explanation:
1. Statement 1: The WTO was established on January 1, 1995, as the successor to the General Agreement on Tariffs and Trade (GATT). This is correct.
2. Statement 2: The WTO is indeed the only international organization with a global mandate to regulate trade rules and liberalize trade across the world. This is correct.
3. Statement 3: The headquarters of the WTO are located in Geneva, Switzerland, not New York. This statement is incorrect.
Step 3: Final Answer:
Since only statements 1 and 2 are true, Option (A) is the correct answer.