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Which is the institution that replaced GATT in 1995?

International Business
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Question added by padmakumar pathiyil , Marketing Consultant , Management Consultancy
Date Posted: 2014/12/08
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Usman Ali
by Usman Ali , Visiting Lecturer (Finance & Accounting) , Bakhtar University

Sir. GATT was replaced by W.T.O on1 Jan.1995. Because of the limitations of GATT over increasing international business trend and new business & products. 

 

Also Sir. GATT is now subset of W.T.O.

Aishwarye Pandey
by Aishwarye Pandey , Business Analyst , Chalhoub Group

The main reason GATT was dissolved is because GATT had no binding power on its members. GATT was like a social club where everyone advised but no member was bound to follow the suggestions. Basically, GATT was powerless and needed to be replaced by WTO where members are somehow bound and powered by the institution's authority.

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