The correct option is 2 and 3 only.
Explanation
The World Trade Organisation (WTO) is the only global international organization dealing with the rules of trade between nations. It succeeded the General Agreement on Tariffs and Trade (GATT), which had governed international trade since 1948.
Statement-wise Analysis
- Statement 1 is Incorrect. The organization established in 1948 with 23 countries was the General Agreement on Tariffs and Trade (GATT). The WTO was established much later, on January 1, 1995, following the Marrakesh Agreement, replacing GATT as the global trade body.
- Statement 2 is Correct. The primary mandate of the WTO is to establish and enforce a rule-based trading regime. It aims to ensure that trade flows as smoothly, predictably, and freely as possible by administering trade agreements, acting as a forum for trade negotiations, and settling trade disputes between member countries.
- Statement 3 is Correct. As a founder member of the WTO, India is committed to its agreements. India removed Quantitative Restrictions (QRs) on imports (specifically on 715 items in 2000 and the remaining 714 items in 2001) to comply with WTO rulings and obligations, transitioning from a quota-based regime to a tariff-based regime.
Key Takeaway
Key Takeaway: The WTO was established in 1995, succeeding the 1948 GATT. While GATT focused primarily on trade in goods, the WTO covers goods, services, and intellectual property, enforcing a rule-based global trading order.