Since the GATT agreement in 1947,the world has experienced
A)virtually no unfair trading practices among nations.
B)the complete elimination of tariffs and other trade barriers among nations.
C)a reduction of trade barriers among nations in the WTO.
D)all of the choices are true.

Question

Quizplus · Accepted Answer

The GATT (General Agreement on Tariffs and Trade) agreement was signed in 1947, leading to the establishment of the World Trade Organization (WTO) in 1995. While the agreement did not completely eliminate tariffs and other trade barriers, it did lead to a reduction in trade barriers among nations as a result of successive rounds of negotiations under the GATT/WTO. Therefore, choice C is the best option. Choice A is incorrect, as there have been instances of unfair trading practices among nations despite the GATT/WTO. Choice B is incorrect, as tariffs and trade barriers still exist among nations. Choice D is incorrect, as option A and B are not true.

Since the GATT Agreement in 1947,the World Has Experienced