The General Agreement on Tariffs and Trade (GATT) _____.
A)increased both tariffs and nontariff barriers
B)removed limits on government subsidies
C)imposed tariffs on specific industries
D)protected intellectual property
E)increased tariffs by 40 percent on average worldwide

Question

Quizplus · Accepted Answer

The General Agreement on Tariffs and Trade (GATT) protected intellectual property. It was established in 1947 as a multilateral agreement aimed at reducing barriers to international trade by lowering or eliminating tariffs, quotas, and other trade barriers. GATT laid the foundation for the World Trade Organization (WTO), which replaced it in 1995.