Which of the following statements is true of the General Agreement on Tariffs and Trade (GATT)?
A) The United States, the United Kingdom, and Germany were the only signatories of the original GATT.
B) The original agreement provided a process to increase the tariffs on trade goods.
C) GATT member nations seek to resolve their trade disputes unilaterally.
D) The GATT panels have enforcement powers apart from advisory powers.
E) It created an agency to serve as watchdog over world trade.

Question

Quizplus · Accepted Answer

GATT member nations seek to resolve their trade disputes bilaterally; if that fails, special GATT panels are set up to recommend action. The original agreement provided a process to reduce tariffs and created an agency to serve as watchdog over world trade.

Which of the Following Statements Is True of the General