In what year was GATT superseded by the World Trade Organization?
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Answer: C. January 1995
Explanation
The General Agreement on Tariffs and Trade was superseded by the World Trade Organization. The historic transition took effect following agreements finalized in Marrakesh. January 1995 marked the formal operational launch of the new global trade body. GATT had operated since 1948 as a provisional treaty regulating international commerce. The Uruguay Round negotiations successfully created a permanent institutional framework. The World Trade Organization possesses stronger dispute settlement mechanisms than GATT.
Global trade regulation ensures predictable rules for international business transactions. The WTO handles tariff reductions and intellectual property standards worldwide. Transitioning from a treaty to an organization strengthened global economic governance. Option A incorrectly dates the transition to January of the following year. Option B suggests the WTO began operations in the final month of 1995. Option D proposes a start date one full year earlier than the actual transition.
- Subject
- Political Science
- Category
- International Relations
- Topic
- —
- Difficulty
- medium
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