UPSC Civil Services Model Paper 8

Fifteenth-century onwards , European colonialism began and along with the trade of exotic commodities, a new form of trade emerged which was called the slave trade.
Further Slave trade started to diminish in the 18-19th centuries and it was abolished in Denmark in 1792, in Great Britain in 1807, and in the USA in 1808. Hence statement 1 is incorrect.
GATT signed on 30th October 1947 to promote international trade by reducing trade barriers or tariffs.
GATT was transformed as World Trade Organization after an agreement by 123 nations in Marrakesh on 15 April 1994 as part of the Uruguay Round Agreements.