The World Trade Organization (WTO) was established in 1995, replacing the General Agreement on Tariffs and Trade (GATT). This transition was the outcome of the Uruguay Round of negotiations, which took place between 1986 and 1994. The process involved the following steps:
- GATT, founded in 1947, was an agreement governing international trade.
- Recognizing the need for a more robust body to manage global trade policy, GATT hosted negotiation rounds, notably the Uruguay Round.
- The Uruguay Round expanded its scope to cover not just tariffs but also agriculture, services, and intellectual property.
- The Marrakesh Agreement, signed on April 15, 1994, concluded these negotiations and formally created the WTO.
- The WTO commenced operations on January 1, 1995, assuming the role of the principal international organization for trade regulations from GATT.
Therefore, the relevant year is 1995.