The _____ is a worldwide trade agreement that reduced and eliminated tariffs, limited government subsidies, and established protections for intellectual property.
A) Asia-Pacific Economic Cooperation
B) General Agreement on Tariffs and Trade
C) Tripartite Free Trade Agreement
D) Maastricht Treaty

Question

Quizplus · Accepted Answer

The General Agreement on Tariffs and Trade (GATT) is a trade agreement that was signed by 23 nations in 1947, and later expanded to include over 120 nations. It aimed to reduce and eliminate tariffs, and establish protections for intellectual property. The GATT was replaced by the World Trade Organization (WTO) in 1995, although many of its principles and agreements were incorporated into the WTO. The other options (A, C, D) are not relevant to the description given in the question.

The _____ Is a Worldwide Trade Agreement That Reduced and Eliminated