Question

The role of the General Agreement on Tariffs and Trade (GATT) is to:

Answer 1

Answer:

The correct option is negotiate agreements between nations to reduce trade barriers

Explanation:

The General Agreement on Tariffs and Trade is an agreement between some United Nations countries signed in Geneva on 30th day of October 1947.

The agreement reached aimed a world where countries transact with one another without hindrances such as tariffs and quotas

Tariffs are levies by the government on imported items aimed tat discouraging people from patronizing foreign products at the expense of locally-made items as well as to raise revenue for the government.

Quotas are limits placed on importation of items which are expected to be exceeded .

Answer 2

Answer:

The correct answer is negotiate agreements between nations to reduce trade barriers.

Explanation:

The General Agreement on Tariffs and Trade is an agreement initiated in 1948 that regulates trade between international countries and rates through specific rules.

It was established as a way to promote growth in negotiations between countries and thus generate that they can grow.

By removing the barriers that impeded trade, it was much easier to sell and buy products between one country and another.

In 1995 the GATT was replaced by the World Trade Organization.