The main operating principle of the General Agreements of Tariffs and Trade (GATT) was the concept of normal trade relations (NTR) status, formerly known as:
A)Early Favored Nation status.
B)Most Favored Nation status.
C)Late Favored Nation status.
D)World Trade status.
E)Best Nation status.

Question

Quizplus · Accepted Answer

The main operating principle of the General Agreement on Tariffs and Trade (GATT) was the concept of Most Favored Nation (MFN) status, which means that any trade advantage, such as a lower customs duty rate, given by one GATT member to another country must be extended to all GATT members. This principle was aimed at promoting equality in international trade.

The Main Operating Principle of the General Agreements of Tariffs