Question

Which of the following is an outcome of the General Agreement on Tariffs and Trades​ (GATT) and created global rules of trade between​ nations? A. Economic communities B. World Trade Organization C. Forex exchange D. World Bank E. International Monetary Fund

Answer 1

Answer:

World Trade Organization

Explanation:

World Trade Organization is an outcome of the General Agreement on Tariffs and Trades​ (GATT) and created global rules of trade between​ nations.

It was a multilateral treaty  that was signed on the 30th of October 1947  in Geneva, Geneva Canton, Switzerland  as a legal agreement among nations, with the aim of promoting international trade by eradication or reduction of  trade barriers like tariffs or quotas.

Furthermore, the purpose was extended to include "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."  which can be described in substance as trading with each other on the basis of comparative advantage.