Final answer:
The WTO was established in 1995, following the legacy of GATT from 1947, and it further developed the international trade system initiated by the Bretton Woods conference.
Step-by-step explanation:
The World Trade Organization (WTO) was established in 1995 as a successor to the General Agreement on Tariffs and Trade (GATT), which had functioned as a forum for negotiating tariff reductions and other trade barriers since 1947. The Bretton Woods system, which set up international financial institutions post-World War II, was deepened with the creation of the WTO that aimed to manage global trade and ensure smooth and fair trade relations among nations. The transition from GATT to WTO marked a significant evolution in international trade, reflecting the ongoing efforts to provide a structured environment for trade negotiations and dispute resolutions among countries.