An international agreement established in 1947 to further world trade by reducing barriers and tariffs is the
A) World Trade Organization.
B) European Union.
C) General Agreement on Tariffs and Trade.
D) North American Free Trade Agreement.

Question

Quizplus · Accepted Answer

The General Agreement on Tariffs and Trade (GATT) was established in 1947 with the aim of promoting world trade by reducing barriers and tariffs. It was replaced by the World Trade Organization (WTO) in 1995, but its principles continue to underpin the rules of international trade. The European Union and the North American Free Trade Agreement are regional trade agreements, and therefore not the correct answer.

An International Agreement Established in 1947 to Further World Trade