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CMA Foundation · Fundamentals of Business Economics and Management · Economic and Business Environment

Which organisation, established in 1995, replaced the GATT and provides a rule-based forum for settling trade disputes among member countries?

The World Trade Organization, established in 1995, replaced GATT. It administers multilateral trade agreements covering goods, services and intellectual property, and runs a dispute settlement system, unlike the IMF or World Bank, which focus on monetary stability and development finance respectively.

  1. AInternational Monetary Fund
  2. BWorld Trade OrganizationCorrect
  3. CWorld Bank
  4. DUnited Nations Conference on Trade and Development

Explanation

The WTO came into being on 1 January 1995 as the successor to GATT, with a dispute settlement mechanism and wider coverage including services and intellectual property. The IMF deals with monetary stability and balance of payments, and the World Bank with development finance.

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