Question

Choose the correct answers from the following alternatives given
Consider the following statements about World Trade Organizaiton
1. It oversees financial institutions and regulations that act at the international level
2. It was set up as the successor to the General Agreement on Trade and Tariff (GATT)
Which of the Statements given above is / are correct?

• A. 1 only
• B. 2 only
• C. Both 1 and 2
• D. Neither 1 and 2

Answer 1

The correct option is B 2 only

The World Trade Organization (WTO) is the main worldwide universal association managing the guidelines of exchange of trade between countries. It runs by the government nations. It's main objective is to build trade relations between nations. Hence, statement 1 is incorrect.

It was set up as the successor to the General Agreement on Trade and Tariff (GATT).

Hence, B is the correct option.