Consider the below statements about WTO 1 The WTO was founded in 1995 as the successor organisation ...........

Consider the below statements about WTO:

1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT).

2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.

3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment.

Select the incorrect statements using the codes given below:

1 and 2 only

2 and 3 only

1 and 3 only

None of the above

Explanation:

The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT). WTO is expected to establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.