The correct answer is: C. GATT
The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement regulating international trade. The agreement was signed in 1947 and was the first multilateral trade agreement in the world. The GATT was replaced by the World Trade Organization (WTO) in 1995.
The GATT was a major step forward in the liberalization of international trade. The agreement reduced tariffs and other trade barriers, and it established a dispute settlement mechanism to resolve trade disputes. The GATT also played a role in the creation of the World Trade Organization.
The GATT was a complex agreement, and it covered a wide range of issues related to international trade. Some of the key provisions of the GATT included:
- The Most-Favored Nation (MFN) principle: This principle requires that all WTO members treat each other equally with respect to trade.
- The National Treatment principle: This principle requires that WTO members treat foreign goods and services no less favorably than domestic goods and services.
- The Tariffs and Non-Tariff Barriers (NTBs) Agreement: This agreement sets rules for the use of tariffs and other trade barriers.
- The Dispute Settlement Understanding: This agreement establishes a mechanism for resolving trade disputes between WTO members.
The GATT was a successful agreement, and it helped to promote economic growth and development around the world. The agreement also helped to reduce poverty and improve living standards. The GATT was a major step forward in the liberalization of international trade, and it played a key role in the creation of the World Trade Organization.
The other options are:
- A. WTO: The World Trade Organization (WTO) is an international organization that deals with the rules of trade between nations. The WTO was established in 1995 and replaced the General Agreement on Tariffs and Trade (GATT).
- B. IMF: The International Monetary Fund (IMF) is an international financial institution that was founded in 1945. The IMF’s goal is to promote international monetary cooperation, exchange stability, and orderly exchange arrangements.
- D. World Bank: The World Bank is an international financial institution that provides loans to developing countries. The World Bank was founded in 1944 and is a member of the World Bank Group.