Introduction to Economics 2 Deneme Sınavı Sorusu #349981
Which one of the following is not true about General Agreement on Tariffs and Trade (GATT)?
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The GATT has reduced tariffs.
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The GATT organized a series of negotiations, known as trade rounds that resulted tariff reductions in a steady way
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Uruguay Round is the most well-known trade round.
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The GATT covers the rules and regulations of international commodity trade. |
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WTO (World Trade Organization) is the main agreement which consists of rules on commodity trade. |
Today, WTO is responsible for the global trade rules. Although it has many agreements to regulate the global trade, the main agreement is still the GATT which consists of rules on commodity trade. The WTO agreements not only cover commodity trade but also services trade and intellectual property rights. They set the principles of making a freer trade and the permitted exceptions. They include the commitments of countries to lower the import tariffs and other trade restrictions.
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