Established in 1995, the World Trade Organization took charge of administering the new global trade rules agreed in the Uruguay Round of multilateral trade negotiations. Select one: True False

Answer

True

Explanation

The World Trade Organisation (WTO) was formed during the Uruguay Round of trade negotiations and began operations on 1 January 1995. Among the functions of WTO include to administer world trade agreements, to provide a forum for easier negotiations on trade among countries, and to help solve trade disputes between member nations. WTO took over GATT after Uruguay acceptance and main objectives are to remove barriers to textile trade and clothing among nations and make reforms in agriculture.

Reference

Isc Economics For Class Xii Page 202