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What is the meaning of GATT in the context of international trade?
- a)General Agreement on Trade and Tariffs
- b)Global Alliance for Trade and Technology
- c)General Assembly of Trade and Tariffs
- d)Global Agreement on Transportation and Trade
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
What is the meaning of GATT in the context of international trade?a)Ge...
GATT stands for General Agreement on Trade and Tariffs, which was a legal agreement between many countries, aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs or quotas.
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What is the meaning of GATT in the context of international trade?a)Ge...
Understanding GATT
The General Agreement on Trade and Tariffs (GATT) is a significant international treaty that aims to promote and facilitate international trade. Established in 1947, GATT was designed to create a framework for negotiating trade agreements and reducing tariffs and other trade barriers.
Key Features of GATT:
- Trade Liberalization: GATT's primary goal is to encourage free trade by reducing tariffs and other obstacles. This helps countries engage in more efficient trade practices.
- Most-Favored-Nation (MFN) Principle: One of the cornerstone principles of GATT is the MFN clause, which ensures that any trade advantage given by one country to another must be extended to all GATT members. This promotes equality in trade relationships.
- National Treatment Principle: GATT mandates that once goods have entered a market, they should be treated equally to domestically produced goods. This prevents discrimination against foreign products.
- Round Negotiations: GATT facilitated a series of negotiation rounds (the most famous being the Uruguay Round), which led to significant agreements and the eventual establishment of the World Trade Organization (WTO) in 1995.
Importance of GATT:
- Foundation for WTO: GATT provided the foundational principles that were expanded upon to create the WTO, which governs international trade more comprehensively.
- Global Trade Stability: By establishing rules and frameworks, GATT contributed to a more stable and predictable international trading environment post-World War II.
In summary, GATT was pivotal in shaping modern international trade practices, making option 'A' the correct answer regarding its meaning.
The General Agreement on Trade and Tariffs (GATT) is a significant international treaty that aims to promote and facilitate international trade. Established in 1947, GATT was designed to create a framework for negotiating trade agreements and reducing tariffs and other trade barriers.
Key Features of GATT:
- Trade Liberalization: GATT's primary goal is to encourage free trade by reducing tariffs and other obstacles. This helps countries engage in more efficient trade practices.
- Most-Favored-Nation (MFN) Principle: One of the cornerstone principles of GATT is the MFN clause, which ensures that any trade advantage given by one country to another must be extended to all GATT members. This promotes equality in trade relationships.
- National Treatment Principle: GATT mandates that once goods have entered a market, they should be treated equally to domestically produced goods. This prevents discrimination against foreign products.
- Round Negotiations: GATT facilitated a series of negotiation rounds (the most famous being the Uruguay Round), which led to significant agreements and the eventual establishment of the World Trade Organization (WTO) in 1995.
Importance of GATT:
- Foundation for WTO: GATT provided the foundational principles that were expanded upon to create the WTO, which governs international trade more comprehensively.
- Global Trade Stability: By establishing rules and frameworks, GATT contributed to a more stable and predictable international trading environment post-World War II.
In summary, GATT was pivotal in shaping modern international trade practices, making option 'A' the correct answer regarding its meaning.
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