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1995

Definition

The year 1995 marks a significant milestone for the establishment of various international organizations and agreements. It is the year when the World Trade Organization (WTO) was founded, replacing the General Agreement on Tariffs and Trade (GATT). Additionally, it also represents a period of increased globalization and interconnectedness among nations.

Analogy

Think of 1995 as a turning point or a new chapter in the storybook of international relations. It's like when a superhero receives upgraded powers and becomes part of a larger team to face more formidable challenges.

Related terms

GATT (General Agreement on Tariffs and Trade): An international agreement established in 1947 with the aim of reducing trade barriers through negotiations among member countries.

NAFTA (North American Free Trade Agreement): A trilateral trade agreement between Canada, Mexico, and the United States that came into effect in 1994 to promote free trade in North America.

WTO Agreements: Various agreements within the World Trade Organization framework that cover areas such as agriculture, services, intellectual property rights, or dispute settlement mechanisms.