WBCS.LIVE practice question

The earlier name of WTO was

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. UNCTAD
  2. GATT
  3. UNIDO
  4. OECD

Correct answer and explanation

Correct answer: GATT

Explanation: The earlier name of the World Trade Organization (WTO) was the General Agreement on Tariffs and Trade (GATT). 📚 Other Information: ▪️ GATT was established in 1948 to promote international trade by reducing tariffs and trade barriers. ▪️ The WTO officially replaced GATT on 1 January 1995. ▪️ Headquarters: Geneva, Switzerland. ▪️ It deals with trade in goods, services, and intellectual property. ▪️ The Doha Development Round (2001) focused on trade fairness for developing countries. ▪️ India is a founding member of the WTO. ▪️ The WTO also acts as a forum for trade dispute settlement among member nations. ▪️ Its core principle is 'Most Favoured Nation (MFN)' - equal trade treatment for all members.