When was World Trade Organization established ?

Question

Accepted Answer

The World Trade Organization (WTO) was established on 1 January 1995, which is why Option 2 is the correct answer. Here is a detailed explanation supporting this:

1. **Justification for Option 2:**
   - The World Trade Organization was officially established on 1 January 1995. This date marks the formal commencement of the WTO, which was created to replace the General Agreement on Tariffs and Trade (GATT) as the primary international body overseeing global trade rules. The establishment of the WTO was a significant milestone in international trade, as it provided a more structured and comprehensive framework for trade negotiations and dispute resolution.

2. **Explanation for Incorrectness of Other Options:**
   - **Option 1 (1 January, 1994):** This date is incorrect because the WTO was not yet established in 1994. During this time, the Uruguay Round negotiations were still ongoing, which eventually led to the creation of the WTO. The final agreement was reached in December 1993, but the WTO did not officially come into existence until 1 January 1995.
   - **Option 3 (1 January, 1996):** This date is incorrect because the WTO had already been operational for a year by 1996. The organization began its functions and activities on 1 January 1995, and by 1996, it was already actively involved in facilitating international trade and resolving trade disputes.
   - **Option 4 (1 January, 1997):** This date is incorrect because it is two years after the actual establishment of the WTO. By 1997, the WTO was well-established and had already conducted several rounds of trade negotiations and dispute settlements.

In conclusion, the correct answer is Option 2, as the World Trade Organization was established on 1 January 1995. This date is significant in the history of international trade, marking the beginning of a new era in global trade governance.