D!!
d. All of these are correct.
The World Trade Organization (WTO) was indeed created in 1995 with the objective of fulfilling all three of the mentioned purposes. Let's break down each option:
a. oversee global rules of government policy toward international trade: The WTO's main function is to establish and enforce global rules that govern the conduct of countries in matters of international trade. It provides a platform for member countries to negotiate trade agreements, discuss trade policies, and work towards reducing barriers to international trade.
b. provide a forum where trade disputes can be litigated and decided by a body that can directly enforce its decisions: The WTO includes a Dispute Settlement Body (DSB) that serves as a forum for resolving trade disputes between member countries. The DSB has the authority to issue rulings on trade disputes, and its decisions are binding. This means that the WTO has the ability to enforce its rulings and ensure compliance with international trade rules.
c. encourage the imposition of nontariff barriers instead of imposition of tariffs: This statement is not entirely accurate. The WTO aims to promote free and fair trade by reducing barriers to trade, including both tariffs and non-tariff barriers. While the WTO recognizes that some non-tariff measures can be legitimate, it encourages member countries to ensure that such measures do not create unnecessary obstacles to international trade. The organization seeks to strike a balance between facilitating trade and allowing countries to safeguard legitimate policy objectives.
Therefore, the correct answer is d. All of these are correct. The WTO was established to oversee global trade rules, provide a platform for dispute settlement with enforcement mechanisms, and promote the reduction of trade barriers.