Question

With the achievements of the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO), nearly all barriers to trade expansion are finally removed.
True/False

Answer 1

Answer:

The statement is: False.

Explanation:

The General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) were both created to tear down the barriers of international trade and rule it wherever necessary. The GATT was replaced by the WTO in 1955 to give the WTO a more inclusive approach among the country members of the organization.

However, some countries prioritize their individual benefit imposing tariffs where they consider necessary and that the WTO has not been able to rule yet.