CSEET · Economic and Business Environment · Global Environment
The WTO came into existence as the successor to which earlier arrangement governing international trade in goods?
The WTO succeeded the General Agreement on Tariffs and Trade, GATT, which had provided rules for trade in goods since 1948. The Uruguay Round led to the WTO in 1995. The proposed International Trade Organisation never came into force, so it was not the predecessor.
- ABretton Woods Agreement
- BGeneral Agreement on Tariffs and Trade (GATT)Correct
- CMarrakesh Declaration of 1944
- DInternational Trade Organisation Charter of 1948 as implemented
Explanation
The WTO replaced GATT, which had operated since 1948 as a provisional agreement, following the Uruguay Round negotiations. The ITO Charter was never brought into force, so it cannot be the predecessor in practice.
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