WTO was formed in the year 1995 to replace which of the following institutions? 

Correct option is C

·   The World Trade Organization (WTO) was formed in 1995 to replace the General Agreement on Tariffs and Trade (GATT), which had been in operation since 1948.

·    GATT was an international agreement aimed at reducing trade barriers and promoting international trade. However, it had certain limitations, especially in regulating services, intellectual property, and dispute resolution.

·   The WTO was created to address these shortcomings and to provide a more comprehensive framework for trade agreements.

·   It also introduced more robust mechanisms for resolving trade disputes and expanded the scope of international trade governance to include services, intellectual property, and agriculture.

Additional Information:

• WTO is a multilateral trade organization that includes almost all countries of the world and serves as a forum for negotiating trade agreements and resolving trade disputes.
• The establishment of the WTO marked a significant step in global economic integration and trade liberalization.

Other Options:

• Industrial Board of Reconstruction and Development: This is not related to the WTO's formation.
• World Bank: The World Bank is a global financial institution focused on providing loans for development, not a trade organization. It was not replaced by the WTO.
• International Monetary Fund (IMF): The IMF is a global financial institution that works to ensure the stability of the international monetary system and is not related to the WTO's role in regulating trade.