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.

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