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 at the time of membership.
C) the World Court shall review all trade disputes and make final judgments.
D) trade shall be conducted on a nondiscriminatory basis.
E) trade in services and investments will be excluded from the purview of the GATT.

Question

Quizplus · Accepted Answer

In general, the General Agreement on Tariffs and Trade 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