- GATT (General Agreement on Tariffs and Trade) was indeed established in 1948 after World War II. - The initial number of contracting parties (members) that signed the GATT was 23 countries. - The World Trade Organization (WTO), established in 1995, is the successor to GATT. The GATT framework was incorporated into the WTO structure, and the WTO expanded its scope to include services, intellectual property, and a more robust dispute settlement
Consider the following statements with reference to GATT agreement (General Agreement on Trade and Tariffs). GATT was established in 1948. Initially, the total number of members of GATT was 23 countries. In a way WTO is the successor of GATT. GATT administers all bilateral and multilateral Trade agreements. Which of the above statement/s is/are correct ?
Asked in MPSC CS Prelims 2020 · Topic: Trade Balance and Trade Deficit/Surplus (Role of Global Economic Conditions and Geopolitical Factors on Trade Balance)
More External Sector of Economy questions
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- Which one of the following regions has emerged as the largest International Trade Partner (Export and Import) of India in 2008-09 ?
- When the exchange rate changes from 1$ = ` 60 to 1$ = ` 58, it means : I. Rupee value has appreciated II. Dollar value has depreciated III. Rupee value has depreciated IV. Dollar value has appreciated
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