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GATT Quiz

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Questions and Answers

What is the purpose of the GATT according to its preamble?

To substantially reduce tariffs and trade barriers (correct)
To establish preferences on a reciprocal basis
To eliminate tariffs on all imports
To regulate trade among 153 countries

What was the outcome of the Uruguay Round of Multilateral Trade Negotiations?

Exemption of developing countries from GATT provisions
Establishment of the WTO in 1995 (correct)
Introduction of preferential trade agreements
Expansion of GATT membership to 153 countries

What does GATT provide to every member state?

Preferential treatment for developing countries
Unrestricted import and export quotas
MFN status (correct)
Tariff elimination on all imports

Under what circumstances can a government restrict imports and exports according to GATT?

<p>If a country needs to protect its balance of payments due to low foreign exchange reserves (B)</p> Signup and view all the answers

What does GATT aim to eliminate on imports from developing countries?

<p>Tariffs (B)</p> Signup and view all the answers

Flashcards

GATT's Purpose

The General Agreement on Tariffs and Trade (GATT) aimed to decrease tariffs and other barriers to international trade.

Uruguay Round Result

The Uruguay Round of trade negotiations led to the creation of the World Trade Organization (WTO) in 1995.

MFN Status

GATT grants Most Favored Nation (MFN) status to all member countries, meaning they receive equal trade treatment.

Import/Export Restrictions

GATT allows countries to restrict imports/exports for balance of payments reasons, like low foreign exchange reserves.

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GATT & Developing Countries

GATT aims to eliminate tariffs on imports from developing countries to promote their economic growth.