Consider the following statements regarding World Trade Organization (WTO). 1. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. 2. It officially commenced operations on 1 January 1995, under the Marrakesh Agreement. 3. After WTO came into existence, General Agreement on Tariffs and Trade (GATT) ceased to exist. Which of the above statements is/are correct?

Statement 1 is correct: The WTO is the sole global international organization that sets and enforces rules governing trade between nations. It succeeded the General Agreement on Tariffs and Trade (GATT). Statement 2 is correct: The WTO officially came into being on January 1, 1995, as a result of the Marrakesh Agreement, which concluded the Uruguay Round of GATT negotiations. Statement 3 is correct: Upon the establishment of the WTO, the GATT as a standalone organization ceased to exist. However, the agreement signed in 1994, known as GATT 1994, is incorporated into the WTO Agreement and remains the fundamental framework for trade in goods.