Consider the following statements 1 WTO is the only global international organization...........

Economic Affairs World Trade Organsiation (WTO)

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Consider the following statements

1. WTO is the only global international organization dealing with the rules of trade between nations

2. The WTO is not just about liberalizing trade, in some circumstances its rules support maintaining trade barriers

Which of the following is/are correct?

Only 1

Only 2

Both 1 & 2

Neither 1 nor 2

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Explanation:

Both statements are correct.
The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948.