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Which of the following expressions correctly describes the “Treaty” called GATT?

GATT stands for the General Agreement on Tariffs and Trade. The Final Act was signed in Geneva on 30 October 1947 by 23 contracting parties. The 1947 agreement was applied…

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Which of the following expressions correctly describes the “Treaty” called GATT?

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Answer and explanation

Correct answer B

GATT stands for the General Agreement on Tariffs and Trade. The Final Act was signed in Geneva on 30 October 1947 by 23 contracting parties. The 1947 agreement was applied provisionally from 1 January 1948 to lower tariffs and other trade barriers. Following the Uruguay Round, the WTO began operations on 1 January 1995. GATT 1994 is part of the WTO Agreement and incorporates the provisions of GATT 1947.

Option feedback

Option A

Incorrect. The first word of the acronym GATT is 'General', not 'Global'.

Option B

Correct. GATT is the General Agreement on Tariffs and Trade. The original agreement was applied provisionally from 1 January 1948.

Option C

Incorrect. The first 'T' in GATT stands for 'Tariffs' (customs duties on cross-border goods), not 'Taxes'.

Option D

Incorrect. GATT stands for General Agreement on Tariffs and Trade, not Global Agreement on Transport and Trade.

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