The World Trade Organisation (WTO) was established.

“The World Trade Organisation (WTO) is a multilateral organisation that oversees global trade. The World Trade Organisation (WTO) was established on January 1, 1995, under the Marrakesh Agreement, which was signed by 123 countries on April 15, 1994, and replaced the General Agreement on the Tariffs and Trade (GATT), which was in place since the year 1948. The World Trade Organisation (WTO) regulates trade between members by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants’ compliance with WTO agreements, and are signed by the representatives or by the member governments and ratified by their parliaments. The majority of the concerns addressed by the WTO stem from past trade discussions, particularly the Uruguay Round (1986–1994).”