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Which of the following Replaced the General Agreement on Tariffs and Trade in 1996

Which of the following Replaced the General Agreement on Tariffs and Trade in 1996

The General Agreement on Tariffs and Trade (GATT) was established in 1947, with the goal of reducing trade barriers between nations and promoting global economic growth. GATT was eventually replaced by the World Trade Organization (WTO) in 1995, after negotiations among member countries.

The WTO is a multilateral organization that promotes free trade, with a mission to ensure that international trade flows smoothly, predictably, and freely. Its main functions include administering trade agreements, serving as a forum for trade negotiations, and providing a platform for dispute settlement.

The transition from GATT to WTO was a significant development in international trade, as it reflected a shift towards greater institutionalization and formalization of global trade relations. Under GATT, member countries relied largely on informal negotiations and voluntary agreements to govern trade. In contrast, the WTO has established a legally binding framework for trade relations, including the Agreement on Agriculture, the Agreement on Textiles and Clothing, and the Agreement on Trade-Related Aspects of Intellectual Property Rights.

One of the key differences between GATT and WTO is the scope of their respective agreements. While GATT focused primarily on tariffs and non-tariff barriers, WTO agreements cover a wider range of issues, including services, investment, and intellectual property. Additionally, the WTO has established a mechanism for resolving trade disputes, allowing member countries to seek resolution through the WTO`s Dispute Settlement Body.

Overall, the transition from GATT to WTO represented an important milestone in the evolution of global trade relations. While both agreements aimed to promote free trade and economic growth, the WTO’s institutionalization and formalization of trade agreements created a more structured and predictable environment for international commerce. As the world continues to become increasingly interconnected, the work of the WTO remains crucial in promoting free trade and economic development across the globe.

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