The correct answer is: C. Both option A and B
GATT (General Agreement on Tariffs and Trade) is an international agreement signed in 1947 between non-communist nations with the object of encouraging trade between them. It seeks to achieve its aim by arranging and encouraging bargaining with trade concession.
GATT was the first multilateral agreement regulating international trade. It was negotiated during the United Nations Conference on Trade and Employment and signed by 23 countries on 30 October 1947. The agreement entered into force on 1 January 1948.
GATT was based on the principle of non-discrimination, which means that all countries should be treated equally in trade. It also included provisions for reducing tariffs and other trade barriers.
GATT was successful in reducing tariffs and other trade barriers. However, it was not able to address some of the more difficult issues in international trade, such as subsidies and intellectual property rights.
In 1995, GATT was replaced by the World Trade Organization (WTO). The WTO is a more comprehensive agreement that addresses a wider range of issues in international trade.
Here is a brief explanation of each option:
- Option A: GATT is an international agreement signed in 1947 between non-communist nations with the object of encouraging trade between them. This is correct.
- Option B: GATT is an agreement which seeks to achieve its aim by arranging and encouraging bargaining with trade concession. This is also correct.
- Option C: Both option A and B. This is the correct answer.
- Option D: None of the above. This is incorrect.