Which organisation is the forerunner of the World Trade Organization?

6. Which organisation is the forerunner of the World Trade Organization?

  1. South Asian Association for Regional Cooperation
  2. North American Free Trade Agreement
  3. European Union
  4. General Agreement on Tariffs and Trade

Answer: D) General Agreement on Tariffs and Trade

Explanation:

The WTO forerunner General Agreement on Tariffs and Trade (GATT), was set up by a multilateral arrangement of 23 nations in 1947 after World War II following other new multilateral organizations committed to worldwide financial collaboration like the World Bank (established 1944) and the International Monetary Fund (established 1944 or 1945). An equivalent global foundation for exchange named the International Trade Organization never began as the U.S. furthermore different signatories didn't sanction the foundation treaty, and so GATT gradually turned into an accepted worldwide association.

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