GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The institutional framework developed in 1947 to promote trade liberalization is known as
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the IMF
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the WTO
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the GATT
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the World Bank
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Explanation:
Detailed explanation-1: -Trade liberalization has been consistently promoted under the GATT/WTO framework. Average industrial tariff rates in 1947 were 40%, and they were 3.8% in 2003.
Detailed explanation-2: -The General Agreement on Tariffs and Trade (GATT) traces its origins to the 1944 Bretton Woods Conference, which laid the foundations for the post-World War II financial system and established two key institutions, the International Monetary Fund and the World Bank.
Detailed explanation-3: -The main role of GATT in the international trade was regulating the contracting parties to achieve the purpose of the agreement which were reducing tariffs and other barriers, and to achieve the liberalization in international trade.
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