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When did General Agreement on Tariffs and Trade replace the World Trade Organization?

14. When did General Agreement on Tariffs and Trade replace the World Trade Organization?

1. 1947
2. 1995
3. 1987
4. 1992

Answer: B) 1995

Explanation:

On 1 January 1995, the World Trade Organization supplanted General Agreement on Tariffs and Trade, which had been in presence starting around 1947, as the association regulating the multilateral exchanging framework. The states that had marked GATT were formally known as "General Agreement on Tariffs and Trade contracting parties".