Explanation:

Only statements 1&2 are correct.

• The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.

• The World Trade Organization, as an institution, was established in 1995. It replaced the General Agreement on Trade and Tariffs (GATT) which was in place since 1946.

• The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994.

• India has been a member of GATT since 1948; hence it was a party to Uruguay Round and a founding member of WTO.

• While WTO came into existence in 1995, GATT didn’t cease to exist. It continues as WTO’s umbrella treaty for trade in goods.

Hence option 2nd is correct.