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Q101 (CDS-I/2018) International Relations & Global Affairs › International Organisations & Groupings › International trade regimes Answer Verified

Which one of the following events is not correctly matched with the year in which it happened?

Result
Your answer: —  Â·  Correct: A
Explanation

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was established in Brussels in 1973 by 239 banks from 15 countries [3]. It officially became operational and sent its first electronic messages in 1977, replacing the older Telex system. Therefore, the year 1985 mentioned in the option is incorrect. Regarding the other options, the Uruguay Round of GATT concluded with the signing of the Marrakesh Agreement on April 15, 1994 [1]. This led to the inauguration of the World Trade Organization (WTO) on January 1, 1995, which replaced GATT as a permanent institution. Additionally, Nasdaq was founded in 1971 as the world's first electronic stock exchange, revolutionizing trading by moving away from physical floor-based systems. Thus, only the SWIFT timeline is incorrectly matched.

Sources

  1. [1] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 13: International Organizations > Uruguay/ Eighth Round (Sept 1986 - April 1994) > p. 377
  2. [3] https://www.investopedia.com/terms/s/swift.asp
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