Question

The GATT was A. an International Monetary Fund agency with trade oversight. B. an international treaty governing trade. C. a collection of tariff standards. D. an international U.N. agency with trade oversight. E. a U.S. government agency.

Answer 1

Answer:

B) an international treaty governing trade.

Explanation:

The General Agreement on Tariffs and Trade (GATT) was developed by the United Nations in 1947 and was replaced by the World Trade Organization in 1995. It was the UN's response to trade regulation after World War II, but it never developed into a formal institution like the International Monetary Fund or the World Bank.

Its main role was to promote international trade and elimination of import tariffs and quotas. By 1994, 127 countries had signed the GATT, and 76 of them decided it was time to change in order to include more obligations to its members, and therefore transformed the GATT into the WTO. The WTO uses the same original charter as the GATT.

Answer 2

Answer:

The correct answer is B. An international treaty governing trade.

Explanation:

The GATT was an organism that was replaced by the world trade organization. It was an agreement that sought to determine an agreement in trade and tariff terms that was signed by 23 countries. One of his main achievements was that he managed to create a new forum that sought to increase international trade and resolve conflicts between countries in commercial terms.