What type of approach to achieving free trade is GATT
A)a successful unilateral approach
B)a successful multilateral approach
C)an unsuccessful unilateral approach
D)an unsuccessful multilateral approach

Question

Quizplus · Accepted Answer

GATT (General Agreement on Tariffs and Trade) is a successful multilateral approach to achieving free trade. It was created in 1947 with the aim of reducing trade barriers and promoting international trade. GATT was replaced by the World Trade Organization (WTO) in 1995 but its principles still form the basis of international trade agreements. Through multilateral negotiations, GATT helped to reduce tariffs and non-tariff barriers in many countries, leading to increased trade between nations.

What Type of Approach to Achieving Free Trade Is GATT