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GATT (General Agreement on Tariffs and Trade) is
- a)international agreement signed in 1947 between non-communist nations with the object of encouraging international trade unobstructed by tariff barriers
- b)agreement which seeks to achieve its aim by arranging and encouraging bargaining with trade concessions between members
- c)Both option A and B
- d)None of the above
Correct answer is option 'C'. Can you explain this answer?
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GATT (General Agreement on Tariffs and Trade) isa)international agreem...
- General Agreement on Tariffs and Trade (GATT), set of multilateral trade agreements aimed at the abolition of quotas and the reduction of tariff duties among the contracting nations.
- When GATT was concluded by 23 countries at Geneva, in 1947 (to take effect on Jan. 1, 1948), it was considered an interim arrangement pending the formation of a United Nations agency to supersede it. When such an agency failed to emerge, GATT was amplified and further enlarged at several succeeding negotiations. It subsequently proved to be the most effective instrument of world trade liberalization, playing a major role in the massive expansion of world trade in the second half of the 20th century.
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GATT (General Agreement on Tariffs and Trade) isa)international agreem...
GATT (General Agreement on Tariffs and Trade): An Overview
GATT or General Agreement on Tariffs and Trade was an international agreement signed in 1947 between non-communist nations with the object of encouraging international trade unobstructed by tariff barriers. It was in effect from 1948 until 1995, when it was replaced by the World Trade Organization (WTO).
Objectives of GATT:
The objectives of GATT were to promote and facilitate the free flow of trade between countries, to reduce barriers to trade, and to encourage fair competition. It sought to achieve its aim by arranging and encouraging bargaining with trade concessions between members.
Key Features of GATT:
- Non-Discrimination: GATT sought to eliminate discrimination in international trade. It prohibited the use of tariffs and other trade barriers that favored domestic producers over foreign competitors.
- Tariff Reduction: GATT aimed to reduce tariffs on goods traded between countries. It provided a framework for negotiations between member countries, which led to the gradual reduction of tariffs.
- Trade Liberalization: GATT encouraged the liberalization of trade by removing barriers to trade. It allowed for the negotiation of new trade agreements between member countries.
- Dispute Settlement: GATT provided a mechanism for resolving disputes between member countries. This mechanism involved a panel of experts who would investigate and make recommendations on disputes.
Impact of GATT:
GATT was successful in promoting international trade and reducing trade barriers. It led to a significant increase in the volume of international trade, which contributed to economic growth and development in many countries.
Conclusion:
In conclusion, GATT played a significant role in promoting international trade and reducing trade barriers between member countries. It was successful in achieving its objectives and was replaced by the WTO, which continues to promote and facilitate free trade between countries.
GATT or General Agreement on Tariffs and Trade was an international agreement signed in 1947 between non-communist nations with the object of encouraging international trade unobstructed by tariff barriers. It was in effect from 1948 until 1995, when it was replaced by the World Trade Organization (WTO).
Objectives of GATT:
The objectives of GATT were to promote and facilitate the free flow of trade between countries, to reduce barriers to trade, and to encourage fair competition. It sought to achieve its aim by arranging and encouraging bargaining with trade concessions between members.
Key Features of GATT:
- Non-Discrimination: GATT sought to eliminate discrimination in international trade. It prohibited the use of tariffs and other trade barriers that favored domestic producers over foreign competitors.
- Tariff Reduction: GATT aimed to reduce tariffs on goods traded between countries. It provided a framework for negotiations between member countries, which led to the gradual reduction of tariffs.
- Trade Liberalization: GATT encouraged the liberalization of trade by removing barriers to trade. It allowed for the negotiation of new trade agreements between member countries.
- Dispute Settlement: GATT provided a mechanism for resolving disputes between member countries. This mechanism involved a panel of experts who would investigate and make recommendations on disputes.
Impact of GATT:
GATT was successful in promoting international trade and reducing trade barriers. It led to a significant increase in the volume of international trade, which contributed to economic growth and development in many countries.
Conclusion:
In conclusion, GATT played a significant role in promoting international trade and reducing trade barriers between member countries. It was successful in achieving its objectives and was replaced by the WTO, which continues to promote and facilitate free trade between countries.
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GATT (General Agreement on Tariffs and Trade) isa)international agreement signed in 1947 between non-communist nations with the object of encouraging international trade unobstructed by tariff barriersb)agreement which seeks to achieve its aim by arranging and encouraging bargaining with trade concessions between membersc)Both option A and Bd)None of the aboveCorrect answer is option 'C'. Can you explain this answer?
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