General Knowledge - Basic General Knowledge - Discussion


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

Answer: Option C


No answer description available for this question.

Prasenjit said: (Jan 6, 2012)  
General Agreement on Tariffs and Trade (typically abbreviated GATT) was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). GATT was signed in 1947 and lasted until 1993, when it was replaced by the World Trade Organization in 1995. The original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifications of GATT 1994.

Samritika said: (Aug 26, 2013)  
Is it really for non-communist nations?

Jasmeet said: (Jun 26, 2015)  
What you mean by Tariffs?

Pragati said: (Jul 3, 2015)  
Tariffs - Tax or duty to be paid on a particular class of imports or exports.

Ram Prasad Masiha said: (Nov 15, 2020)  
Thanks for the explanation @Prasenjit.

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