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</p> Signup and view all the answers

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

    <p>Tariffs</p> Signup and view all the answers

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