What You Should Know About the General Agreement on Tariffs and Trade (GATT) Going into Effect
The General Agreement on Tariffs and Trade (GATT) is a treaty that was signed by 23 countries in 1947. Its main goal was to encourage international trade by reducing tariffs and other trade barriers between member countries.
On January 1, 1948, the GATT went into effect. This was a significant moment in world trade history, as it marked the first time that countries had come together to create a multilateral trade agreement.
To test your knowledge on this important moment in history, we have put together a multiple-choice quiz on the GATT`s implementation.
1. How many countries signed the General Agreement on Tariffs and Trade in 1947?
2. When did GATT go into effect?
a. January 1, 1948
b. January 1, 1950
c. January 1, 1955
d. January 1, 1960
3. What was the main goal of GATT?
a. To encourage international trade by reducing tariffs and trade barriers
b. To establish a global currency
c. To regulate the sale of arms between countries
d. To encourage countries to increase their military spending
4. Which of the following is NOT one of the principles of GATT?
5. Which organization was created to oversee the implementation of GATT?
a. The World Bank
b. The International Monetary Fund
c. The World Trade Organization
d. The United Nations
In conclusion, the implementation of the General Agreement on Tariffs and Trade in 1948 was a historic moment in international trade history. It paved the way for the creation of the World Trade Organization, which continues to work towards reducing trade barriers and encouraging international trade. As countries continue to engage in global trade, it is important to remember the principles of GATT and the positive impact they have had on world commerce.