The formed in 1995 and administers its own trade agreements, facilitates future trade negotiations, settles trade disputes, and monitors the trade policies of member nations

World Trade Organisation

Explanation:

World Trade Organisation is intergovernmental organisation that regulate the international trade. It started functioning on 1 January 1995 as per the provisions of Marrakesh Agreement. . It replaced GATT(General agreement on Tariffs and Trade).

It regulates the trade in intellectual property, services and goods and provides the framework to negotiate trade agreements and provides dispute resolution mechanism so that the participants can adhere to the WTO agreements.  

Various researches have shown that WTO boosted trade as in the absence of WTO an country would have an increase of 32 percentage point on the tariffs on their exports.

what are the events? you didnt list any

answer; ///i believe that it means; ///you pay no customs duty on the chocolates;