Question

Which of the following statement is not correct about the WTO? (a) WTO came to existence on 1st January, 1995 (b) WTO is main organ for implementing multilateral trade agreements (c) WTO is legal entity (d) WTO has lesser scope than its predecessor GATT

Answer 1

D is the correct answer

Answer 2

WTO is a legal entity

Explanation:

• The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade.
• It was preceded by the General Agreement on Tariffs and Trade (GATT).
• The GATT was signed by 23 countries on October 30, 1947 in Geneva.
• The WTO was established on January 1, 1995.
• The headquarters of the WTO is located in Geneva, Switzerland.
• The WTO is responsible for lowering the barriers of trade across nations.
• As a result the cost of production will the low resulting in lower cost of finished products due to which the living costs will be reduced.
• Therefore the correct answer is : the statement "WTO is a legal entity" is incorrect.  

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