One of the basic elements of the General Agreement on Tariffs and Trade (GATT) is that:
A) member nations are exempt from import tariffs to other member nations.
B) all tariffs shall be abolished among member nations by 2010.
C) the World Court shall review all claims and make final judgments.
D) trade shall be conducted on a nondiscriminatory basis.
E) the United Nations Trade Agency (UNTA) shall serve as watchdog.

Question

Quizplus · Accepted Answer

In general, the agreement covers these basic elements: (1) trade shall be conducted on a nondiscriminatory basis; (2) protection shall be afforded domestic industries through customs tariffs, not through such commercial measures as import quotas; and (3) consultation shall be the primary method used to solve global trade problems.

One of the Basic Elements of the General Agreement on Tariffs