Write a short note on WTO.

In 1948, GATT (General Agreement on Trade and Tariff) was formed with 23 countries as the founder members to administer all multilateral trade agreements. WTO was formed as the successor of GATT on 1 January 1995. It aimed to establish a rule-based trading regime in which nations could not place arbitrary restrictions on trade. India was a founder member. It has been at the forefront in WTO. It has remained committed to liberalisation of trade made in the WTO by removing quantitative restrictions on imports and reducing tariff rates.