Question

Consider these statements regarding WTO:
• It succeeded the GATT in 1995.
• It is the only global organization dealing with the rules of trade between nations.
• Its headquarters are in New York. Which is/are CORRECT?

• A. 1 and 2
• B. 2 and 3
• C. 1 and 3
• D. Only 1

Hint:

\[ \mathrm{WTO} \] was established in: \[ 1995 \] with headquarters at: \[ \mathrm{Geneva,\ Switzerland} \]

Answer 1

The Correct Option is A

Concept: The World Trade Organization (WTO) is an international organization that regulates global trade between nations. It was established in: \[ 1995 \] replacing the: \[ \mathrm{GATT} \] (General Agreement on Tariffs and Trade).

Step 1: Analyze Statement 1.
WTO replaced GATT in: \[ 1995 \] Thus: \[ \mathrm{Statement\ 1\ is\ Correct} \]

Step 2: Analyze Statement 2.
WTO is the principal global organization dealing with international trade rules. Thus: \[ \mathrm{Statement\ 2\ is\ Correct} \]

Step 3: Analyze Statement 3.
The headquarters of WTO are located in: \[ \mathrm{Geneva,\ Switzerland} \] not New York. Thus: \[ \mathrm{Statement\ 3\ is\ Incorrect} \]

Step 4: Identify the correct option.
Therefore, the correct statements are: \[ 1\ \text{and}\ 2 \] Hence, the correct answer is: \[ \boxed{\mathrm{(A)}} \]