Which of the following Is True about the General Agreement on Tariffs and Trade

  • 7 meses ago
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As an AI language model, I can write an article on the given topic. Here`s a draft:

The General Agreement on Tariffs and Trade (GATT) is a multilateral trade agreement that was first signed in 1947. The primary objective of the agreement is to promote free and fair trade among member countries by reducing trade barriers such as tariffs, quotas, and other restrictions. Over the years, the GATT has evolved, and its principles have been incorporated into the World Trade Organization (WTO), which now oversees the rules of international trade.

There are several statements about the GATT that have been circulated over the years, but only a few are true. Below are some facts that will help you understand the general agreement on tariffs and trade better:

1. The GATT was established to promote free and fair trade among member countries: This statement is true. The GATT was established with the primary objective of promoting free and fair trade among member countries. It was created to reduce trade barriers that hindered the growth of international trade.

2. The GATT was designed to facilitate trade among developing countries: This statement is partially true. The GATT was designed to facilitate trade among all member countries, including developing ones. However, some critics argue that the agreement was more beneficial to industrialized countries than developing ones, as it did not address issues such as agriculture and services.

3. The GATT was replaced by the World Trade Organization (WTO): This statement is true. The GATT served as the foundation for the WTO, which was established in 1995. The WTO now oversees the rules of international trade, including those previously covered by the GATT.

4. The GATT only covered trade in goods: This statement is true. The GATT focused on reducing trade barriers in goods such as agricultural products, textiles, and industrial goods. It did not cover trade in services or intellectual property.

5. The GATT was successful in achieving its objectives: This statement is partially true. The GATT succeeded in reducing trade barriers and promoting free trade among member countries. However, some critics argue that the agreement did not address issues such as labor and environmental standards, which have become increasingly important in today`s global economy.

In conclusion, the General Agreement on Tariffs and Trade was established to promote free and fair trade among member countries. The agreement succeeded in reducing trade barriers and was replaced by the World Trade Organization, which now oversees the rules of international trade. While the GATT was successful in achieving its objectives, some critics argue that it did not address important issues such as labor and environmental standards.

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