The General Agreement on Tariffs and Trade (GATT) was a treaty designed to promote free trade by reducing tariffs and nontariff barriers to international trade, and which has since been absorbed into the World Trade Organization (WTO).

Question

Quizplus · Accepted Answer

The statement is true. The General Agreement on Tariffs and Trade (GATT) was established in 1947 with the aim of promoting international trade by reducing trade barriers such as tariffs and quotas. It operated as an international treaty until 1995 when it was replaced by the World Trade Organization (WTO).

The General Agreement on Tariffs and Trade (GATT) Was a Treaty