Question : Which of the following is the right expansion of GATT?
Option 1: Government Agreement on Trade and Tax
Option 2: General Agreement on Trade and Tariffs
Option 3: Government Agreement on Trade and Tariffs
Option 4: General Agreement on Trade and Tax
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Correct Answer: General Agreement on Trade and Tariffs
Solution : The correct option is the General Agreement on Trade and Tariffs .
On October 30, 1947, 23 countries signed the General Agreement on Trade and Tariffs (GATT), which came into effect on January 1, 1948, in a provisional capacity. Its goal was to encourage global trade by lowering or getting rid of trade restrictions like tariffs and quotas.
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