Which of the following statements are correct?
A. The Dunkel Draft Text or Dunkel Package, or the Dunkel Draft Act embodying the results of Uruguay Round of Multilateral Trade Negotiation, was released on 20 December 1995.
B. The new World Trade Organization (WTO) which came into effect on 1st January 1995, replaced the General Agreement on Tariff and Trade (GATT).
C. The functions of WTO are mentioned in Article III of the Agreement establishing WTO.
D. The Sixth Ministerial Conference of WTO was held in Hongkong (China) from 13th to 18th December 2008.
Choose the correct answer from the options given below:

Correct option is A

Statement A: Incorrect. The Dunkel Draft was released on 20 December 1991, not 1995. It was named after Arthur Dunkel, then Director-General of GATT, and it formed the basis of the final negotiations leading to the establishment of WTO.

Statement B: Correct. The WTO came into effect on 1st January 1995, and it replaced GATT (1947) as the umbrella body for international trade governance.

Statement C: Correct. Article III of the Agreement Establishing the WTO lists the functions of the WTO, including administering agreements, providing a forum for trade negotiations, settling disputes, reviewing national trade policies, and cooperating with other international organizations.

Statement D: Incorrect. The Sixth Ministerial Conference of the WTO was held in Hong Kong from 13th to 18th December 2005, not 2008.

Information Booster:

The Uruguay Round (1986–1994) was the 8th round of GATT negotiations and led to the creation of the WTO.

The Dunkel Draft acted as a compromise document to break the deadlock among negotiating nations.

The WTO Ministerial Conference is its highest decision-making body and is held every two years.