The primary function of the General Agreement on Tariffs and Trade (GATT)has been to limit trade barriers and promote world trade through the:
A)explicit assessing of non-tariff trade barriers of services.
B)establishment of an international Board of Commerce.
C)equalization of international quotas on manufactured goods.
D)reduction of tariffs.

Question

Quizplus · Accepted Answer

The primary function of the General Agreement on Tariffs and Trade (GATT) has been to reduce tariffs, which are taxes on imports and exports that increase the price of traded goods and make them less competitive in foreign markets. By reducing tariffs, GATT sought to increase trade and enhance economic growth across countries. While GATT also addressed non-tariff barriers to trade, such as quotas and regulations, its main focus was on tariff reduction.

The Primary Function of the General Agreement on Tariffs and Trade