Question

The acronym GATT stands for:

A. General Association for Trade and Tariffs.
B. General Agreement on Tariffs and Trade.
C. General Accounting for Tariff and Trade.
D. General Association on Technology and Trade.

Answer 1

GATT stands for General Agreement on Tariffs and Trade. It was a trade agreement among twenty-three countries to promote trade liberalization and reduce trade barriers. GATT was later replaced by the WTO.

Step-by-step explanation:

The acronym GATT stands for General Agreement on Tariffs and Trade. GATT was a 1947 trade agreement among twenty-three countries to reinforce postwar economic recovery. It aimed to promote trade liberalization and reduce trade barriers, such as tariffs, between member countries. GATT was later replaced by the World Trade Organization (WTO) in 1995.