Which statements accurately describes the General Agreement on Tariffs and Trade (GATT)?
A) The United States, the United Kingdom, and Germany were the only signatories of the original GATT.
B) The original agreement provided a process to increase the tariffs on trade goods.
C) GATT member nations seek to resolve their trade disputes unilaterally.
D) The GATT panels have enforcement powers apart from advisory powers.
E) It created an agency to serve as watchdog over world trade.

Question

Quizplus · Accepted Answer

The General Agreement on Tariffs and Trade (GATT) aimed to promote international trade by reducing trade barriers and tariffs. It did not create an enforcement body but rather established a framework for negotiations and a forum for resolving disputes, leading to the creation of the World Trade Organization (WTO) in 1995, which acts as a watchdog over world trade.

Which Statements Accurately Describes the General Agreement on Tariffs and Trade