GATT stands for which of the following?

GATT stands for which of the following?

• A. General Agreement on Tariffs and Trade
• B. Global Association of Trade and Tariffs
• C. General Allocation of Tariffs and Taxes
• D. Government Action on Trade and Tariffs

Answer: (A)

GATT is the General Agreement on Tariffs and Trade, the postwar multilateral treaty created to lower barriers to international trade through negotiated tariff concessions and set rules for how trade should be conducted. It established core principles like nondiscrimination among trading partners and a mechanism for resolving trade disputes, using rounds of negotiations to steadily reduce tariffs. Over time, these rules and negotiations laid the groundwork for a broader trade framework that later became the World Trade Organization in 1995. The other phrasings don’t match the actual name or nature of the agreement, so they’re not correct.

GATT is the General Agreement on Tariffs and Trade, the postwar multilateral treaty created to lower barriers to international trade through negotiated tariff concessions and set rules for how trade should be conducted. It established core principles like nondiscrimination among trading partners and a mechanism for resolving trade disputes, using rounds of negotiations to steadily reduce tariffs. Over time, these rules and negotiations laid the groundwork for a broader trade framework that later became the World Trade Organization in 1995. The other phrasings don’t match the actual name or nature of the agreement, so they’re not correct.