The World Trade Organization:
A)Was created to establish labor standards for all countries participating in the General Agreement on Tariffs and Trade
B)Was created to isolate trade power in the hands of the major industrialized countries of the world
C)Was created to raise tariffs and discourage trade between foreign countries
D)Was created to administer the General Agreement on Tariffs and Trade provisions and to handle future trade negotiations

Question

Quizplus · Accepted Answer

The World Trade Organization (WTO) was created in 1995 to replace the General Agreement on Tariffs and Trade (GATT), which was created after World War II to promote free trade by reducing tariffs and other barriers between countries. The WTO's main function is to administer the GATT provisions and handle future trade negotiations. It is a forum where member countries can negotiate and settle trade disputes, and it also monitors national trade policies to ensure that they are consistent with WTO rules. Therefore, choice D is the correct answer.